The Abu Dhabi National Oil Company (ADNOC) has announced oil production cut for March, 2010. The company said in a statement to state news agency WAM that the move is in line with OPEC decision to cut production.
ADNOC said the rate of production cut from its various sources will be as follows: Murban 10%, Lower Zakum 10%, Umm Shaif 10%, while the Upper Zakum will have a 15% cut.
It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis for all its clients.
The UAE sells the majority (62%) of its crude oil to Japan, with the rest of its customer base dominated by Asian countries. Oil closed down 0.05% on the New York Mercantile Exchange yesterday, at $74.67.
