State media outlet WAM has confirmed that Abu Dhabi National Oil Company (ADNOC) told its clients on Sunday it will cut their October allocations by 15% from its four fields – Murban, Upper Zakum, Lower Zakum and Umm Shaif.
Cargoes from the four fields will be treated at Max/ -5% tolerance loading basis, said ADNOC in its letter to clients.
ADNOC said its latest cut is in accordance with OPEC decision to reduce production.
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Crudes from the four fields are priced between $64.45 (Upper Zakum) and $66.20 (Murban) according to prices listed on the national oil company’s website.
