The Abu Dhabi National Oil Company (ADNOC) announced 10% cuts in all of its crude allocations to clients during the month of January 2011.
According to the statement issued by ADNOC, the cargoes of Murban, Lower Zakum, Upper Zakum and Umm Shaif will be reduced by 10% each in January.
The move follows the Organization of the Petroleum Exporting Countries’ (OPEC) decision to reduce production.
The UAE holds about 8% of total world oil reserves and has plans to boost production output to 3.5 million barrels per day by 2017.
