Abu Dhabi, January 30, SPA -- The Abu Dhabi National Oil Company (ADNOC) has announced oil production cut beginning from March 2009, the United Arab Emirates News Agency "WAM" reported yesterday.
The move is in line with OPEC decision to cut production in a bid to stabilise oil prices on the international market, it said.
ADNOC said the rate of production cut from its various sources will be as follows: Murban 10%; Lower Zakum 10%, Umm Shaif 10% while the Upper Zakum will have a 15% cut.
It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis for all its clients.
© Saudi Press Agency 2009
