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Tue 29 Aug 2017 08:43 AM

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UAE pledges to cut oil output by 10%

Decision by ADNOC is attempt to meet the country's latest OPEC commitments

UAE pledges to cut oil output by 10%
United Arab Emirates Energy Minister Suhail bin Mohamed al-Mazroui.

Abu Dhabi National Oil Company (ADNOC) said on Monday it would cut October crude supplies by 10 percent.

The UAE’s state-owned oil company said it would cut supplies across three export grades in line with Organization of Petroleum Exporting Countries (OPEC) commitments to curb output.

Energy minister Suhail Mohamed Al Mazrouei tweeted on Monday: “In line with the UAE’s OPEC commitments, ADNOC has informed customers of its crude oil nomination cut for October.

“ADNOC has announced monthly nomination cuts throughout 2017 in support of the UAE’s OPEC commitment to reduce its oil production.”

ADNOC added in a statement: “The cut will contribute to stabilising global oil markets and encouraging investments in the energy sector in order to meet expected future demand.”

Al Mazrouei first announced the UAE’s plans to reduce crude oil exports from Setepmber this year in a tweet at the beginning of last month.

OPEC members have pledged to cut a combined 1.8 million barrels per day from the October 2016 level to strike a better balance between supply and demand in the currently oversupplied international oil markets.

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