UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) plans to keep its supply cuts for all crude grades sold to term customers at 5% in November 2021, four sources told Reuters.
ADNOC has eased allocation cuts to 5% compared to 15% in September, as the company will start to raise crude supplies to term customers from October.
The company has decided to ease allocation cuts after the Organization of the Petroleum Exporting Countries (OPEC) and its allies had agreed in July to raise oil output by 400,000 barrels per day between August and December.
However, Kuwait's oil minister previously announced that the rapid spread of the coronavirus delta variant, which has resulted in slowing demand, could push produces to reconsider their decision to increase production.
