The Abu Dhabi National Oil Company (ADNOC) has informed some buyers on fixed-term contracts that it will reduce the contractual quantity for loading crude oil in January 2021.
According to Reuters, sources in the oil sector said today, Tuesday, that ADNOC said that supplies of its main crude, Murban, will be reduced by 20%.
ADNOC also clarified that it will reduce the quantity of two other grades, namely Upper Zakum and Das by 15%.
and one of the sources indicated that ADNOC will also cut supplies of Umm Lulu crude by 5% next month.
The company stated that the cuts are less than the 20% reduction in the crude supply under fixed term contracts that ADNOC made in December.
ADNOC has yet to issue any comments on this matter.
