Abu Dhabi National Oil Company (ADNOC) plans to increase its oil exports in August, indicating that OPEC and its allies are ready to ease record cuts in oil production in the next month. < / p>
According to Reuters, sources in the sector and commercial sources said that ADNOC intends to increase its crude oil exports by up to 300 thousand barrels per day in August, citing the company's programs for download .
The Organization of the Petroleum Exporting Countries and its allies, led by Russia, have been reducing oil production since May, by 9.7 million barrels per day, after a virus crisis destroyed Corona is one third of global demand.
It is expected to reduce the size of cuts after July to 7.7 million barrels per day until December, but no final decision has yet been made.
Major OPEC ministers will hold talks + next week.
The sources familiar with ADNOC's plans for export and production said that the UAE, which is a Gulf producer member of OPEC, will be pumped in line with its production share under the OPEC + agreement, which amounts to 2.590 million bpd, up from 2.446 million in July.
ADNOC declined to comment.
Last month, a source told Reuters that ADNOC had notified its customers of its intention to cut oil allocations for August by five percent for all grades of crude in line with the OPEC + agreement to cut supplies Oil.
OPEC + sources told Reuters last month that OPEC and Russia will likely reduce unprecedented oil production cuts from August in light of improved global demand and prices recovering from their low levels. .
Oil prices rose to more than $ 43 a barrel from the lowest level in 21 years at less than $ 16 a barrel in April, supported by OPEC + cuts and a recovery in demand in The time for governments to reduce isolation measures due to corona virus.
Saudi Arabia, the largest producer in OPEC, and Russia must act in a balanced manner by pushing oil prices up in order to meet budget needs while not allowing them to reach very high levels to avoid Return of a boom in shale oil production.
