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UAE’s Adnoc To Cut Oil Exports In Line With OPEC+ Cuts

OIL

The state oil company of Abu Dhabi, Adnoc, told customers that it will reduce shipments of crude oil from this month, in line with OPEC+’s surprise decision to tighten supplies.

  • The firm will cut the volumes by 5% for all of its cargoes being shipped from May, according to people who were informed by the producer. That’s within the lower range of the operational tolerance rule for long-term contracts, under which the company has the ability to supply plus or minus 5% of monthly volumes.
  • It’s the first sign yet that a member of the OPEC+ coalition is moving toward implementing the group’s production cuts.

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