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Free AccessADNOC To Cut 5% Of Crude Volumes To Term-Lifters For December
ADNOC will cut 5% of the December crude oil supply to some term-lifters in Asia but will provide full contractual volumes in January, sourced told Reuters.
- ADNOC cited the operational tolerance clause which can adjust loading volumes by +/- 5% for logistical reasons, the people said.
- ADNOC exports the bulk of its crude to Asia.
- The cut comes as OPEC+ started to trim output by 2mbpd from November.
- OPEC+ is due to hold a meeting in Vienna on 4 Dec.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.