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UAE to Keep Cutting Oil Output to Comply with Global Deal

Source: Reuters 10/30/2017, Location: Middle East

The United Arab Emirates will continue to reduce its oil output to meet its commitment to a global oil production cut agreement, its Energy Minister Suhail al-Mazroui said.

“As part of UAE compliance with the OPEC agreement, ADNOC announced its December crude oil nomination cut,” Mazroui wrote on his Twitter account. “This reflects the UAE’s continued focus on reducing its oil production by 139,000 (barrels per day) as per its OPEC commitment.”

State-owned Abu Dhabi National Oil Co (ADNOC) said last week it has cut the amount of oil supplies to its customers for December by reducing Murban grade by 15 percent, Das grade by 10 and Upper Zakum crude by 5 percent.

The Organization of the Petroleum Exporting Countries and allied non-OPEC producers including Russia cut output by about 1.8 million barrels per day from Jan. 1, and extended the existing supply curb into March 2018. OPEC will review policy at a Nov. 30 meeting.

Compliance with the cuts among OPEC and other oil producers were over 100 percent in the past couple of months, a rare level of commitment to supply curbs for the organization.

The UAE’s compliance, however, has been lower because it is using its own, higher, output level as a reference point for its supply cut, rather than the supply baseline used in the agreement.

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