Updated 29 min 9 sec ago
March 25, 2021 10:24
DUBAI: Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 15 percent from 5 percent in May, several sources with knowledge of the matter said on Thursday.
The supply reduction will apply to the four grades of crude that ADNOC sells to Asia, namely Murban, Das, Umm Lulu and Upper Zakum, they said.
The cuts are part of theUAE obligation under a pact between the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, to reduce output and balance global oil markets.
ADNOC’s June allocation comes ahead of the next OPEC+ meeting scheduled on April 1, where producers will decide on May supplies.
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