UAE’s ADNOC deepens supply cuts to Asia in June

38
SINGAPORE

Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 10-15% from 5- 15% in May, one week ahead of an OPEC+ meeting, 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 the United Arab Emirates’ (UAE) 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

.A spokesman for ADNOC said the company “confirmed crude oil allocations to its term customers for both May and June, in preparation for the launch of ICE Futures Abu Dhabi (IFAD)”.

“Allocated volumes of Murban are in line with the figures reported in the ADNOC Onshore ‘Murban Export Availability Forecast Report’,” he added.— Reuters