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UAE's ADNOC cuts September term volumes by 5% for all crude grades: source

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UAE's ADNOC cuts September term volumes by 5% for all crude grades: source


Term volumes were also cut by 5% in August, July

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Dubai — Abu Dhabi National Oil Co., the UAE's biggest energy producer, has informed its term customers it will reduce all four grade nominations in September by 5%, a source familiar with the matter told S&P Global Platts on July 29.

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ADNOC informed customers which lift contracted monthly volumes -- known as term lifters -- that it would cut the quantity of volumes available for export over September by 5% for its more popular Murban and Upper Zakum grades and for Umm Lulu and Das Blend, the source said.

It follows the same 5% cut that ADNOC made for August and July. June term volumes of Murban and Upper Zakum had been slashed 20%, with Das Blend and Umm Lulu down 5%, as the UAE joined Saudi Arabia, Kuwait and Oman in enacting voluntary additional cuts from their OPEC+ quotas for that month only.

OPEC+ members will start relaxing their output cuts down to 7.7 million b/d on Aug. 1 from the historic 9.6 million b/d that was implemented May through July.

The UAE, OPEC's third biggest oil producer, will see its quota rise from 2.446 million b/d in May to 2.590 million b/d in August, according to the OPEC+ agreement.