Abu Dhabi National Oil Company (ADNOC) plans to maintain its allocation cuts for all grades of crude it sells to term customers at 5% in November, four sources with knowledge of the matter said on Monday, Trend reports with reference to Reuters.
The producer from the United Arab Emirates started increasing crude supplies to term customers from October when it eased allocation cuts to 5% versus a 15% cut in September.
ADNOC's easing of supply cuts comes after the Organization of the Petroleum Exporting Countries and its allies including Russia agreed in July to increase production by 400,000 barrels per day between August and December.
Still, slowing demand caused by the rapid spread of the coronavirus delta variant may prompt producers to reconsider their July decision to raise output, Kuwait's oil minister said on Sunday.