UAE's Adnoc cuts Feb 2018 crude allocations, says energy minister

UAE's Abu Dhabi National Oil Company (ADNOC) has cut its crude oil allocation for February 2018, in line with the OPEC-led output cut agreement, energy minister Suhail Al Mazrouei said on Wednesday.
 

In a series of tweets, the minister said that the crude oil nomination for Murban and Das grades have been reduced by 20 percent each, while Upper Zakum grade has been lowered by 10 percent.

“This nomination cut reflects the UAE’s continued adherence to the OPEC agreement, as well as a small increase in ADNOC Refining intake, and planned onshore field maintenance activities during the month of February,” Al Mazrouei added.

Last month, OPEC and a group of non-member oil producers agreed to extend until the end of 2018 their agreement to cut oil production by a combined 1.8 million barrels per day.