ADNOC announces Murban crude cut
ADNOC scales back production to support OPEC and non-OPEC strategy.
Abu Dhabi National Oil Company (ADNOC) has announced a 25% reduction to the firm’s Murban crude allocation for March to support the on-going cut to oil production by the OPEC and non-OPEC cartel.
The announcement was made by the UAE’s Minister of Energy and Industry Suhail Mohamed Al Mazrouei via a tweet on the Ministry’s Twitter page, which stated “In March, ADNOC will reduce its Murban crude allocation by 25 percent. Customers have been notified accordingly by ADNOC.”
Murban is ADNOC’s main onshore grade of crude oil. OPEC and non-OPEC oil producers, led by Saudi Arabia and Russia, decided late last year to maintain production cutbacks until the end of 2018 to help support global prices.