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UAE's ADNOC to cut volumes of Murban, Upper Zakum by 20% in June: source


Abu Dhabi National Oil Co will cut volumes of its flagship Murban and Upper Zakum grades by 20% in June, compared with 15% cuts for May volumes, in line with the UAE's compliance with cuts agreed by OPEC and its allies, a source familiar with the matter told on Tuesday.

ADNOC will cut volumes of its Umm Lulu and Das grades by 5% in June, the same level of cuts for May, the source added.

The state-owned entity today informed its customers about the June cuts, the source added.

The UAE -- OPEC's third largest oil producer -- has agreed to cut output from about 4.1 million b/d in April to around 2.5 million b/d in May and June. The reductions are part of the action agreed by the broader so called OPEC+ pact that will see 23 members trim output collectively by 9.7 million b/d during these two months.

The OPEC+ coalition will reduce the output cuts gradually through to April 2022 as global demand picks up.