UAE energy minister announces ADNOC's January crude oil allocation reductions
Suhail Mohamed AlMazrouei tweeted out the reductions on Monday, with a positive outlook for 2019
Following OPEC's decision to cut production by 1.2mn barrels per day (bpd) for members and allies, Suhail Mohamed AlMazrouei, the UAE's minister of energy and industry, as well as the president of the OPEC Conference, said that "the UAE is committed to the voluntary production adjustments agreed with its OPEC and non-OPEC partners under the 'Declaration of Cooperation'."
He tweeted to his followers that ADNOC would cut its January crude allocations by 15% for Murban, 5% for Das and 5% for Upper Zakum.
In line with OPEC’s recent decision, #ADNOC has notified customers that January 2019 crude oil allocations will be reduced as follows: Murban 15%, Das 5% and Upper Zakum 5%— سهيل المزروعي (@HESuhail) December 10, 2018
Members of OPEC will cut production by 800,000 bpd, with non-OPEC allies shouldering output cuts of 400,000 bpd. AlMazrouei noted in an earlier tweet that "with a cut of 1.2mn bpd we proved we can make a difference and expedite oil market balance in 2019."