June 30, 2009
ADNOC cuts oil supplies
Abu Dhabi National Oil Company (ADNOC) on Monday told customers it will cut their allocations by 19% for August 2009 shipments from its four wells: Murban, Upper Zakum, Lower Zakum and Umm Sheif by 19%.
The move aims at complying with the UAE’s production quota set by the Organization of Petroleum Exporting Countries (OPEC), reported the official news agency WAM.
Last year, OPEC agreed to reduce production by a total of 4.2 million barrels per day (bpd) in a series of meetings it held in the months of September, October and December 2008. Meanwhile, the organization maintained the production quotas of its members in its meeting last May in a step to help the global economy recover from the financial meltdown.
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