Business | Oil & Gas
Adnoc to keep Asian supply full in July
Abu Dhabi National Oil Co (Adnoc) has notified two Japanese lifters and a South Korean refiner that it will supply crude oil at full contracted volumes for July, as it has done for June, company sources said yesterday.
- Reuters
- Published: 00:04 May 30, 2008
Tokyo: Abu Dhabi National Oil Co (Adnoc) has notified two Japanese lifters and a South Korean refiner that it will supply crude oil at full contracted volumes for July, as it has done for June, company sources said yesterday.
"The allocation was for full contracted volumes," said a source at a Japan-based term lifter.
Another Japan-based trader with a term lifter also said it would receive full contracted volumes, and that it did not ask for additional volumes.
Abu Dhabi, the main oil producer of the UAE, an Opec member, has sold as much as four million barrels of extra crude on top of its normal contracted supplies to refiners that request it.
The move comes amid expectations that the Organisation of Petroleum Exporting Countries will work to meet the world's need for fuel.
Opec's 13 members are taking their output cues from global demand rather than sticking to production targets.
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