The United Arab Emirates is cutting back supplies to customers in June, in line with its plan to follow the Organization of Petroleum Exporting Countries’ agreement to reduce production, Bloomberg reported.
Accordingly, the state-owned Abu Dhabi National Oil Co. (Adnoc) announced that it is going to decrease sales by 10% in June, while in May it will reduce supplies by 7%, Oil and Gas People informed.
The UAE, which is considered to be the fourth-biggest producer within the OPEC members, will follow its commitment to OPEC’s production cuts, with maintenance scheduled on fields through May, as stated by the Energy Minister, Suhail Al Mazrouei.
A report released in April by the International Energy Agency revealed that since late 2016, 51% of OPEC’S members have agreed with the organization’s plan to curb production.
OPEC’s Secretary-General, Mohammad Barkindo, stated to Bloomberg, “The 24 oil producers that agreed to cut production are seeing the light at the end of the tunnel. The land-based inventory surplus in developed economies declined from February to March by about 39m barrels.”