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.