The Abu Dhabi National Oil Company (ADNOC) has said that it plans to reduce supply to its customers in order to comply with agreed OPEC production cuts, according to the news gathering agency Zawya Dow Jones.
The cuts will occur in June and will consist of an 18% reduction for Murban, Umm Shaif and Lower Zakum, and 16% for Upper Zakum.
OPEC decided last September to cut production by 4.2 million barrels per day (bpd) in order to shore up oil prices. The move has been seen by many experts as a success as the oil price has remained between US $40-$50 for the last few months.
