ADNOC to Reduce Crude Oil Allocations in July

ADNOC to Reduce Crude Oil Allocations in July

Abu Dhabi National Oil Company (ADNOC) will cut crude oil allocations in July as a part of the OPEC agreement to slow production, Reuters reported.

The company plans to reduce supplies from the Murban oil field by 10%, and from the Das and Upper Zakum fields by 5%.

In January, ADNOC announced a 25% supply cut of Murban crude from March of this year, Arab News previously reported.

OPEC and non-OPEC nations agreed to maintain supply cuts until the end of 2018 to stem the global supply glut and support prices.  The UAE agreed to reduce its crude output by 139,000 barrels per day.

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