UAE to cut oil exports further in November

Abu Dhabi National Oil Company (ADNOC) will trim crude allocations by 5-15 percent for different grades in November, United Arab Emirates energy minister Suhail Al Mazrouei said on his official Twitter account.

The oil producer will reduce supplies of its flagship Murban crude by 15 percent for November, Mazrouei said.

Meanwhile, Das crude supplies will be cut by 10 percent, while allocation of Upper Zakum crude will be 5 percent lower.

November nomination cuts reflect the UAE's continued focus on meeting the 139,000 barrels of oil per day reduction that we committed to OPEC

— سهيل المزروعي (@HESuhail) October 1, 2017

Last month, ADNOC said it would cut 10 percent from its Murban, Das, and Upper Zakum term agreements during the month, in line with the UAE’s OPEC commitments.

Murban supplies will face a deeper cut in November compared to October because of oilfield maintenance, Reuters reported last month, citing a source familiar with the matter.

The UAE, along with fellow OPEC and non-member oil producers, agreed in November last year to reduce crude output by a combined 1.8 million barrels per day (mbd) for the first six months of 2017. The deal was aimed at restoring balance to the oil market and boosting crude prices, which have halved since mid-2014.

The group agreed in May this year to extend cuts for another nine months until March 2018 to tackle the ongoing glut. 

Write to Jerusha Sequeira at jerusha.s@argaamnews.com