UAE’s ADNOC to maintain crude allocation cut at 5% in Nov: Reuters

UAE’s ADNOC to maintain crude allocation cut at 5% in Nov: Reuters
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Updated 30 August 2021
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UAE’s ADNOC to maintain crude allocation cut at 5% in Nov: Reuters

UAE’s ADNOC to maintain crude allocation cut at 5% in Nov: Reuters
  • The UAE’s producer started increasing crude supplies to current customers from October

DUBAI: The Abu Dhabi National Oil Co. (ADNOC) plans to keep crude allocation reductions for current customers at 5 percent in November, four sources with knowledge of the matter said on Monday.

The UAE’s producer started increasing crude supplies to current customers from October when it eased allocation cuts to 5 percent versus a 15 percent cut in September.

ADNOC’s easing of supply cuts comes after the OPEC+ and its allies, including Russia agreed in July to increase production by 400,000 bpd from August to calm prices, which have climbed to two and half year’s highs as the global economy recovers from the impact of COVID-19.

 A slowdown in demand due to the coronavirus delta variant effect could lead to a review of the previously agreed increase of 400,000 bpd, Kuwait's oil minister said on Sunday.