Baku, Azerbaijan, August 28
By Leman Zeynalova – Trend:
The United Arab Emirates (UAE) will reduce its oil export as part of the OPEC output cut deal by late 2017.
The country’s ADNOC company has decided to reduce the Murban, Das and Upper Zakum oil supplies by 10 percent in October, UAE Minister of Energy Suhail Al Mazroui tweeted Aug.28.
The company has declared monthly reduction in oil supplies for 2017 as a sign of UAE’s commitment to reduce its crude output as part of the OPEC deal, said the minister.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
---
Follow the author on Twitter: @Lyaman_Zeyn