Abu Dhabi National Oil Co. plans to keep crude allocation cut at 5 percent in November
Date
8/31/2021 3:47:31 AM
(MENAFN) According to four sources with knowledge of the matter, the Abu Dhabi National Oil Co. (ADNOC) aims to keep crude allocation decreases for current customers at 5 percent in November.
from October, the UAE’s producer on the go of raising crude supplies to current customers when it facilitated allocation cuts to 5 percent versus a 15 percent cut in September.
in July, when the OPEC+ and its allies, including Russia approved to raise production by 400,000 bpd from August to still prices that have increased to two and half year’s highs as the global Economy recovers from the impact of COVID-19, ADNOC’s easing of supply cuts came.
According to Kuwait's oil minister, a stoppage in demand due to the coronavirus delta variant effect may drive a review of the previously agreed improvement of 400,000 bpd.
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