ADNOC to cut October oil supplies by 10 percent

ABU DHABI, — The Abu Dhabi National Oil Company, ADNOC, on Monday said it would cut its October 2017 crude supplies by 10 percent across its three export grades: Murban, Das and Upper Zakum, to meet commitments under an OPEC deal to curb output.

In a statement Monday, ADNOC said the move comes in consolidation of the UAE’s commitment to OPEC’s decisions to strike a supply-demand balance in the international oil markets which are already suffering from a supply glut.

“The cut will contribute to stabilising global oil markets and encouraging investments in the energy sector in order to meet expected future demand,” said the statement.

The move reflects the policy of transparency adopted by the country to abide by OPEC member and non-member states’ decision to cut a combined 1.8 million b/d from October 2016 level, the statement added.

Source: Emirates News Agency