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UAE To Supply Full Volumes to Asia Buyers in July

OIL

ADNOC has informed at least three buyers in Asia that it will supply full contractual volumes of crude in July, steady from the previous month according to Reuters sources on Friday.

  • Adnoc has told customers that it will reduce shipments of crude oil by 5% in May to reflect the voluntary OPEC cuts announced at the start of April.
  • Middle Eastern producers have operational tolerance as part of long term contracts with customers to enable them to fine tune supplies. The 5% cut would be the minimum operational tolerance.
  • OPEC plans to reduce production by 1.16mbpd from May until the end of the year.
Energy BulletsCommodities
Energy BulletsCommodities

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