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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