Business | Oil & Gas
Adnoc maintains oil supply cuts to Asia
Abu Dhabi National Oil Co maintained reductions in crude oil sales for November under long-term supply contracts to Asian refiners at 15 per cent.
- Bloomberg
- Published: 23:02 September 28, 2009
Abu Dhabi: Abu Dhabi National Oil Co maintained reductions in crude oil sales for November under long-term supply contracts to Asian refiners at 15 per cent.
The move is "in accordance with the Opec decision to reduce production," Adnoc, as the state-owned company is known, said in an e-mailed statement yesterday.
The cuts will apply to Murban, Lower Zakum, Umm Shaif and Upper Zakum, the four export grades supplied by Adnoc. The company slashed shipments to Asia by as much as 19 per cent in August and September and then lowered to 15 per cent in October.
The UAE is the fourth-largest producer of the Organisation of Petroleum Exporting Countries, pumping 2.25 million barrels a day in August.
The UAE, which exports most of its crude oil to Asia, has the capacity to produce 2.8 million barrels a day.
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