Abu Dhabi: The state-run Abu Dhabi National Oil Co (Adnoc) will supply more crude to buyers in Asia in January compared with December shipments as it narrows allotment cuts to refiners.
The company will lower January supplies of all four of its crude grades to Asia by 10 per cent below contracted amounts, it said in an e-mailed statement on Sunday.
Abu Dhabi is cutting shipments of all crude grades in December below amounts contracted under long-term purchase agreements to comply with Opec production limits, it said.
The cut in Murban crude, the emirate's main export grade, compares with a 15 per cent reduction from contracted amounts the company, known as Adnoc, announced last month for December loading.
Allocations for Murban and Lower Zakum grade, also cut 15 per cent in December, were unchanged from November to December.
The UAE, holder of about 7 per cent of the world's oil reserves, is the fourth-largest producer in the Organisation of Petroleum Exporting Countries, pumping 2.32 million barrels of crude a day in October, according to a Bloomberg survey.
Opec agreed in December 2008 to cut production by more than 4 million barrels a day.
The UAE, which exports most of its crude to Asia, has the capacity to produce about 2.8 million barrels a day.
The latest 10 per cent cut for January supply compares with reductions in both Umm Shaif and Upper Zakum crude exports of 17 per cent in December and of 20 per cent in November.
