Sun 01-10-2017 22:51 PM
ABU DHABI, 1st October, 2017 (WAM) -- Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has announced that the Abu Dhabi National Oil Company, ADNOC, will lower its production of oil in November, reflecting the country's commitment to reduce its share of production by 139,000 barrels per day, which was decided by the Organisation of the Petroleum Exporting Countries, OPEC.
In his statement, Al Mazrouei added that they will reduce production in November, as announced by ADNOC, including a reduction in its contract to produce pure-grade Murban oil by 15 percent, as well as lowering output of Das crude by 10 percent, and Upper Zakum by 5 percent.
He also stressed that this reduction is in line with the UAE's commitment to follow OPEC's decision.
Experts in the sector stated that the UAE has shown its complete commitment to reducing its oil production, as previously confirmed by OPEC, which will maintain an acceptable price average for each barrel of oil. They also affirmed their belief that extending the agreement, which will end in March 2018, will continue future improvements in oil prices.
The agreement initially authorized a reduction in the share of oil production during the first six months of 2017, but was then extended to March 2018, with the aim of preserving balance in the oil market.
[Image credit: ADNOC]