Abu Dhabi National Oil Co maintains its supply cut for the emirate’s largest export grade crude
Abu Dhabi National Oil Co maintained its supply cut for Murban crude, the emirate’s largest export grade, for March while lowering reductions for its Upper Zakum and Umm Shaif types.
Murban shipments will be reduced by 10 percent, the same as February, the company said in an e-mailed statement today. Lower Zakum will also be kept at a 10 percent curtailment. Upper Zakum’s cut was lowered to 10 percent from 15 percent in February and Umm Shaif’s to 5 percent from 15 percent, the company said.
The UAE, holder of about seven percent of the world’s oil reserves, was the third-largest producer in the Organization of Petroleum Exporting Countries, pumping 2.31 million barrels of crude a day in December, according to a Bloomberg survey.
OPEC agreed on December 11 to maintain output quotas first enacted in December 2008 and keep production at 24.845 million barrels a day.