ADNOC cuts crude allocations by 10% for July

Abu Dhabi National Oil Company (ADNOC) announced today it will cut allocations to customers by 10 % for July 2011 shipments from Murban crude only.

The move underlines the UAE’s compliance with the decision of the Organization of Petroleum Exporting Countries (OPEC) to reduce production, the company said in a statement.

The cut in Murban only signals an improvement in world oil demand, according to the official news agency WAM.