ADNOC to cut October deliveries 15%
UAE's national oil company said cuts were to meet OPEC quotas
State media outlet WAM has confirmed that Abu Dhabi National Oil Company (ADNOC) told its clients on Sunday it will cut their October allocations by 15% from its four fields - Murban, Upper Zakum, Lower Zakum and Umm Shaif.
Cargoes from the four fields will be treated at Max/ -5% tolerance loading basis, said ADNOC in its letter to clients.
ADNOC said its latest cut is in accordance with OPEC decision to reduce production.
Crudes from the four fields are priced between $64.45 (Upper Zakum) and $66.20 (Murban) according to prices listed on the national oil company's website.