ABU DHABI, 26th July, 2017 (WAM) -- Notifying the customers and the market of the actual changes to the lifting schedule provides transparency and credibility of oil production cut compliance, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy has stated.

The minister made the statements on his Twitter Wednesday, expressing hope that Abu Dhabi National Oil Company's decision to cut crude allocations by 10 percent for September would become "a model for other national oil companies inside and outside OPEC to achieve market stability."The minister added that notifying the customers and the market of the actual changes to the lifting schedule "provides transparency and credibility of cut compliance," he wrote.

"We are optimistic about compliance from OPEC and non-OPEC countries and we look forward to gradual improvements toward market balance during the second half of the year," the minister added.

"Saudi Arabia and other Gulf states have an excellent track record of compliance to OPEC decisions and together with Iraq carry most of the cut," he wrote.

OPEC and allied non-OPEC producers agreed on May 25th to extend an existing supply curb into 2018.

It's noteworthy that ADNOC recently announced the expansion of its partnership model to span the groups entire value chain as well as the more active management of its portfolio of assets. The new initiative builds on ADNOCs flexible operating model and its 2030 growth strategy, enabling it to unlock and maximise significant value from across the group, drive business and revenue growth, optimise performance, and secure greater access for its products in key growth markets.

At the heart of this new approach is a range of new and compelling partnership and co-investment opportunities in the oil, gas, refining and petrochemical space.

Central to ADNOCs new approach will be the more active management of its portfolio of assets and businesses. ADNOC has developed a clear set of criteria by which it will select new partners, including the ability of partners to secure better access to the worlds fastest growing target markets for ADNOCs products, the willingness to contribute technical expertise and co-develop new technologies alongside ADNOCs own capabilities, and the potential to co-invest strategically across different parts of a more integrated ADNOC value chain.

Copyright Emirates News Agency (WAM) 2017.