ADNOC announces oil production cut

The Abu Dhabi National Oil Company (ADNOC) has announced oil production cut beginning from April 2009. The move is in line with OPEC decision to cut production in a bid to stabilise oil prices on the international market.

ADNOC said the rate of production cut from its various sources will be as follows: Murban 15%, Lower Zakum 15%, Umm Shaif 15%, while the Upper Zakum will have a 17% cut.

It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis for all its clients.

ADNOC, in a similar move on January 29, 2009 announced production cuts of Murban 10%, Lower Zakum 10%, Umm Shaif 10% and Upper Zakum 15%, to live up to OPEC demand for production cut.



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