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Sunday, 30 April 2017

U.A.E.'s Adnoc Will Cut Oil Sales to Buyers by 10% in June - Bloomberg

U.A.E.'s Adnoc Will Cut Oil Sales to Buyers by 10% in June - Bloomberg:

"The United Arab Emirates is cutting back supplies to customers in June as part of its agreement with OPEC to curb production. Abu Dhabi National Oil Co. will reduce sales by 10 percent, a company spokesman said Saturday by phone. The state-owned producer, known as Adnoc, cut supplies for May by 7 percent. The most important market news of the day.

The U.A.E., the fourth-biggest producer in the Organization of Petroleum Exporting Countries, will exceed its commitment to OPEC’s production cuts, with maintenance scheduled on fields through May, Energy Minister Suhail Al Mazrouei said earlier in April. OPEC agreed to production limits for most of its members at a meeting in November, and brought 11 other nations on board in December. The U.A.E.’s average compliance with the agreement so far in 2017 is 51 percent, the International Energy Agency said in an April 13 report."



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