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Fulfilling OPEC+ Production Cut Commitments, UAE Cuts Crude Oil Shipments by 5% from May
2023-5-5
The UAE's Abu Dhabi National Oil Company (ADNOC) will reportedly cut crude oil shipments by 5% from May in line with an unexpected decision by OPEC+ to tighten oil supplies. Under the rules of the long-term contract, the company can increase or decrease its monthly production by 5%. This is the first sign that OPEC+ members are moving towards the goal of cutting production by around 1.6 million barrels per day.
In April this year, Saudi Arabia led the way by pledging to cut production by 500,000 barrels per day, with other members such as Kuwait, the UAE and Algeria following suit.
OPEC and its allies are preparing for a face-to-face meeting at its headquarters in Vienna next month. The UAE is OPEC's third largest oil producer.
As part of long-term contracts with customers, Middle Eastern producers, including ADNOC, are able to adjust supplies to the exact capacity of different tankers. They can also use the rules of long-term contracts to reduce supplies unilaterally.
In April this year, Saudi Arabia led the way by pledging to cut production by 500,000 barrels per day, with other members such as Kuwait, the UAE and Algeria following suit.
OPEC and its allies are preparing for a face-to-face meeting at its headquarters in Vienna next month. The UAE is OPEC's third largest oil producer.
As part of long-term contracts with customers, Middle Eastern producers, including ADNOC, are able to adjust supplies to the exact capacity of different tankers. They can also use the rules of long-term contracts to reduce supplies unilaterally.
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