Abu Dhabi: The Abu Dhabi National Oil Company deepened cuts for shipments of Murban and Umm Shaif crude in April because of Opec limits on members' output.
Shipments of Murban, the largest export grade, and Umm Shaif will be 15 per cent less than contracted amounts for April, Adnoc said in a statement yesterday.
That's a deeper cut than the 10 per cent reduction in March liftings for those crudes.
The move is "in accordance with the Opec decision to reduce production", Adnoc said.
The Organisation of Petroleum Exporting Countries has maintained cuts in production quotas since December 2008 after crude plunged from its July 2008 record of $147.27 (Dh540.76) a barrel as the global recession limited fuel demand.April shipments of Lower Zakum will be cut by 10 per cent, the same amount as in March.
Adnoc will supply greater amounts of Upper Zakum crude, reducing April shipments by 5 per cent, compared with a 15 per cent cut in allocations in March.
The UAE, holder of almost 8 per cent of the world's oil reserves, is Opec's fourth-largest producer, pumping 2.28 million barrels of crude a day in January, according to a Bloomberg survey.
The UAE, which exports most of its crude oil to Asia, has capacity to produce about 2.65 million barrels a day.
