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Tuesday, 25 July 2017

U.A.E. Pledges Further Oil Output Cuts Starting in September - Bloomberg

U.A.E. Pledges Further Oil Output Cuts Starting in September - Bloomberg:

"The United Arab Emirates reiterated its commitment to the OPEC agreement on production cuts and said it would deepen its own curbs. The Abu Dhabi National Oil Co.’s shipments of Murban, Das and Upper Zakum crudes will be 10 percent lower from September, Minister of Energy Suhail Al Mazrouei said in a tweet on Tuesday. “The U.A.E. is committed to its share in the OPEC production cut,” he said. The move follows criticism on Monday from Saudi Minister of Energy and Industry Khalid Al-Falih of members of the Organization of Petroleum Exporting Countries who haven’t fulfilled their pledged supply reductions. The U.A.E. has only implemented 54 percent of its promised 139,000 barrel-a-day cut on average, according to the International Energy Agency. "



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