UAE’s ADNOC maintains crude supply reductions to Asia in February » TechnoCodex


SINGAPORE: Abu Dhabi National Oil Company (ADNOC) has kept crude supply reductions to term customers in Asia largely steady in February versus January, three sources with knowledge of the matter said on Thursday.

The producer has been reducing term supplies as part of the United Arab Emirates’ commitment to lower production in a pact between the Organization of Petroleum Exporting Countries and its allies including Russia, a group also known as OPEC+.

ADNOC has notified its customers that their February term supplies for Murban and Das crude will be reduced by 18% to 20% while Umm Lulu’s supplies will be cut by 5%, the sources said.

Upper Zakum crude supplies will be reduced by 18% in February, they said.

In January, ADNOC eased supply cuts in line with an OPEC+ agreement to increase production by 500,000 barrels per day that month. OPEC+ will meet on Jan. 4 to decide whether or not it will raise February output further.

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