UAE to cut oil production in March
The Abu Dhabi National Oil Company (ADNOC) said Thursday it will cut its oil production starting in March, dpa reported.
ADNOC's move follows a decision by the Organization of the Petroleum Exporting Countries (OPEC)to cut production to push global oil prices up, the official news agency WAM reported.
The Emirati company issued guidelines for its March crude oil production levels, indicating that the main onshore crude oil, known as Murban, would pump at 10 per cent below normal levels.
ADNOC's latest decision follows previously announced cutbacks for supplies in January and February.
OPEC announced a production cut of 2.2 million barrels in its December meeting in Algeria. It is due to meet again in March.
The price for crude oil produced by OPEC showed little movement on Wednesday, closing the day slightly higher at 40.71 dollars per barrel, the cartel said Thursday.