Adnoc will cut oil sales to buyers by 10%

The state-owned producer cut supplies for May by 7%

The UAE is cutting back supplies to customers in June as part of its agreement with the Organisation of Petroleum Exporting Countries (Opec) to curb production.

Abu Dhabi National Oil Co. will reduce sales by 10 per cent, a company spokesman said yesterday by phone. The stateowned producer, Adnoc, cut supplies for May by 7 per cent.

The UAE, the fourth-biggest producer in the Opec, will exceed its commitment to Opec’s production cuts, with maintenance scheduled on fields through May, Energy Minister Suhail Al Mazroui said earlier in April.

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 in 2017 is 51 per cent, the International Energy Agency said in an April 13 report.

Saudi Arabia’s Minister of Energy and Industry Kahlid Al Falih concluded yesterday a tour of central Asian oil producing nations, including Kazakhstan and Azerbaijan. The nations along with Saudi Arabia agreed it’s important to abide by the agreement, Al Falih said on his Twitter account.

Al Falih is engaging with many Opec members to achieve consensus before their next meeting in May, Opec Secretary-General Mohammad Barkindo said in a Bloomberg TV interview.