Abu Dhabi National Oil Company (ADNOC) announced today it would cut crude supplies to its clients for May, bringing allocations into line with national commitments and OPEC obligations.
ADNOC has advised its clients of a nomination cut during May of 15% for Murban, Lower Zakum and Umm Shaif and 10% for Upper Zakum.
ADNOC told state news agency WAM that the cut is in compliance with OPEC’s proposed output quota for the period.
Last year, OPEC trimmed output by 4.2 mbpd during a series of meetings it held in September, October and December.
The production cartel also decided in a meeting on 15 March in Vienna to roll out its output ceiling and convene an extraordinary meeting on 28 May to review developments in the world oil market against the backdrop of the global economic situation.
