Gulf Oil and Gas accountACCOUNT

ADNOC to Cut Murban Supplies by 25 percent in March 2018

Source: WAM 1/30/2018, Location: Middle East

Share |
Customers with contracts for the supply of Murban crude oil from the Abu Dhabi National Oil Company, ADNOC, have been advised of a twenty-five per cent cut in allocations for March 2018, ADNOC sources have confirmed.

In a Twitter message, the Minister of Energy and Industry, Suhail Mohammed Faraj Al Mazroui, said that the cut was ‘in line with the UAE’s continued commitment to the OPEC and non-OPEC ‘Declaration of Cooperation.’ The Declaration runs until December 2018.

The Murban crude oil blend is produced from ADNOC’s onshore oilfields. Under the OPEC & non-OPEC Declaration, the UAE committed to achieve a reduction in crude oil output of 139,000 barrels of oil per day, bopd.

Earlier this month, talking at the Gulf Intelligence UAE Energy Forum, Al Mazroui, who is also OPEC Conference President for 2018, noted that in the first twelve months of the Declaration OPEC and its non-OPEC partners had achieved a combined 107 per cent conformity with the agreed cuts. In December 2017, there was 129 percent compliance.

Industry sources note that, due to the efforts by OPEC and non-OPEC countries, there are positive inventory reductions and that the market is starting to re-balance. There are, however, more than 100 million barrels of inventory overhang to be removed, sources say. The focus of OPEC and its non OPEC partners, therefore, is on maintaining compliance and completing the mission of reducing stock overhang and rebalancing the market.

Looking ahead, sources add, further investment in the industry is required, to ensure available supply once the market is again in balance, so as to reduce volatility and price fluctuations. As part of that process, ADNOC has recently announced plans for US $ 109 billion in investment over the next five years.

Production News in United Arab Emirates >>

Libya >>  5/23/2018 - Libyan protesters shut down the eastern Raguba oilfield which had 5,000 barrels per day (bpd) of crude production feeding Brega port, said a spokesman...
Brazil >>  5/16/2018 - Petroleo Brasileiro S.A. – Petrobras reports that, in April, its total production of oil and gas, including natural gas liquids (NGL), was 2.68 millio...

Iran >>  5/15/2018 - The CEO of the Petroleum Engineering and Development Company (PEDEC) says the company is planning to ramp up crude oil production from the joint Azar ...
Russia >>  5/14/2018 - Site preparation and pre-development for a future diesel fuels hydrotreating facility has been started at the Gazprom Neft Omsk Refinery. The new comp...

Libya >>  5/13/2018 - Libya’s offshore Bahr al-Salam gas field has resumed operations with production of 380 million cubic feet per day, state firm NOC said after completin...
Egypt >>  5/10/2018 - Eni announces the start-up of the third production unit (T-2) of the Zohr project, increasing the installed capacity to 1.2 bcfd. Zohr is now producin...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

More News

 

Oil & Gas Companies in United Arab Emirates >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.