UAE Signals It’ll Atone For Pumping Too Much Oil in July, August - Bloomberg:
The United Arab Emirates sent a fresh signal it will make up for pumping too much oil in the past two months, as crude prices come under renewed pressure from sagging energy demand and rising coronavirus infections.
Abu Dhabi National Oil Co., which produces almost all the UAE’s crude, has indicated to refiners and traders that reductions in oil shipments for October will continue through November.
Adnoc will cut 25% of supplies based on volumes customers ask to receive in November, according to a statement seen by Bloomberg. All four of Adnoc’s grades of crude -- Murban, Umm Lulu, Das and Upper Zakum -- will be affected. It follows Adnoc slashing contracted allocations for October by 30%.
The company, owned by the Abu Dhabi government, usually informs long-term buyers of its supply plans around the 27th day of each month. Its decision to issue a statement early could be an attempt to flag its commitment to output reductions agreed by the Organization of Petroleum Exporting Countries and partners including Russia at the height of the pandemic in April.
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