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

OPEC, Suhail Mohamed ALMazrouei, Oil production, Oil and gas news

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.

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."

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