By Shane McGinley
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The Abu Dhabi National Oil Company (ADNOC) has announced it will cut oil production from February 2010, the WAM news agency reported.
ADNOC said the cuts at its various plants would range from 10% to 15%.
The state-owned oil company said “the move is in line with OPEC decision to cut production.”
However, at its most recent meeting in Angola in late December, OPEC agreed to keep its oil production unchanged.
OPEC, which pumps about half of the world’s oil exports, agreed at the meeting in Angola to keep the level at 24.84 million barrels per day (bpd).
As part of its regional outlook for 2010, the investment bank Merrill Lynch said earlier this month that it forecasts that the price of oil in 2010 will average around $85 a barrel.
