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UAE's ADNOC cuts October term volumes by 30% for all crude grades: source

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UAE's ADNOC cuts October term volumes by 30% for all crude grades: source

Highlights

October nomination cuts compare with 5% for past 3 months

Crude grades are Murban, Umm Lulu, Upper Zakum and Das

UAE is OPEC's third largest oil producer

Dubai — Abu Dhabi National Oil Co., the UAE's biggest energy producer, has informed its term customers it will reduce by 30% all four grades' nominations in October, deeper than the 5% cut in the previous three months, a source familiar with the matter told S&P Global Platts on Aug. 31.

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ADNOC informed customers who lift contracted monthly volumes -- known as term lifters -- that it would cut the quantity of volumes available for export over October by 30% for its more popular Murban and Upper Zakum grades and for Umm Lulu and Das Blend, the source said.

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

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

The UAE, OPEC's third-biggest oil producer, has a quota of 2.590 million b/d as of Aug. 1, compared to 2.446 million b/d in May through July, according to the OPEC+ agreement.