Abu Dhabi National Oil Co. (ADNOC) has informed its term customers that it would reduce term volumes for all crude grades in October. The reduction will be 30% and applies to ADNOC’s all crude grades, including Murban, Upper Zakum, Umm Lulu, and Das Blend. The UAE’s largest energy producer previously cut term volumes by 5% for July, August, and September.
The export volume reduction was part of the UAE’s voluntary additional supply cuts that it enacted along with Saudi Arabia, Kuwait, and Oman. OPEC+ producers started easing their output curbs down to 7.7 million bpd beginning on August 1, from the record 9.6 million bpd in May through July. The UAE has a production quota of 2.59 million bpd as of August 1, higher than 2.446 million bpd in May-July.
