AlwaysFree: ADNOC Reduces Term Volume For September: Sources

Abu Dhabi National Oil Co. (ADNOC) has notified its term customers of volume reduction in September by 5%, according to sources familiar with the matter. The reduction will apply to ADNOC’s four crude grades: Murban, Upper Zakum, Umm Lulu, and Das Blend. In August and July, ADNOC also lowered the quantity of volumes available for export by 5%. Term volumes of Murban and Upper Zakum had been cut by 20% in June, while Das Blend and Umm Lulu were cut by 5% at the time when the UAE joined other Middle Eastern producers to voluntarily cut their output below the required quota under the OPEC+ deal.