UAE to cut oil sup­plies to buy­ers by 10pc next month

New Straits Times - - Business -

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

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