UAE to cut oil supplies to buyers by 10pc next month
ABU DHABI: The United Arab Emirates (UAE) is cutting back supplies to customers next month as part of its agreement with Organisation of the Petroleum Exporting Countries (Opec) to curb production.
Abu Dhabi National Oil Co (Adnoc) would cut sales by 10 per cent, said a company spokesman on Saturday. It will cut supplies for this month by seven per cent.
The UAE, the fourth-biggest producer in Opec, would exceed its commitment to Opec’s production cuts with maintenance scheduled on fields through this month, said Energy Minister Suhail Al Mazrouei last month.
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 UAE’s average compliance with the agreement so far this year was 51 per cent, said the International Energy Agency in an April 13 report.
Saudi Arabia Minister of Energy and Industry Kahlid Al-Falih concluded on Saturday a tour of central Asian oil producing nations, including Kazakhstan and Azerbaijan.
The nations along with Saudi Arabia agreed it was important to abide by the pact, he said.
Al-Falih was engaging with many Opec members to achieve consensus before their next meeting in May, said Opec Secretary-General Mohammad Barkindo. Bloomberg