Dubai: The Abu Dhabi National Oil Company (Adnoc) will reduce its allocation of Murban crude by 20 per cent in line with an Organisation of Petroleum Exporting Countries (Opec) agreement, UAE’s energy minister Suhail Al Mazroui tweeted on Wednesday.
“This reduction supports the UAE’s continued commitment to the Opec and non-Opec ‘Declaration of Cooperation’,” Al Mazroui said in a tweet.
Members of the Opec and 11 non-Opec members led by Russia are cutting production by about 1.8 million barrels a day to eliminate a global surplus that was depressing oil prices.
The agreement, which initially called for a six-month period, was later extended by another nine months to the end of March 2018. Libya and Nigeria are exempt from the agreement.
