UAE says to cut oil output by more than 139,000 bpd in March/April
Suhail al-Mazrouei, UAE Minister of energy, wrote on his Twitter account that the UAE production cut for March and April will be more than 139,000 bpd due to maintenance activities. He added that the UAE is committed to its share of the production cut agreed with OPEC. Compliance with output restrictions has often been a problem for OPEC in the past, but this time the group has delivered reductions amounting to as much as 90% of the target in the first month alone. The UAE has delivered a smaller portion of its pledged reduction. Under the OPEC deal, the UAE was to cut production to 2.874mn bpd. It told OPEC it produced 3.06mn bpd in January, and a Reuters survey estimated its output at 2.98mn bpd. Oilfield maintenance could help push compliance higher. Abu Dhabi National Oil Company (ADNOC) has work planned at oilfields in March and May. ADNOC said on Thursday it had informed customers of cuts in crude allocations for March and April. In March, only Upper Zakum crude grade will be cut by 5%, while in April both the Murban and Das grades will be reduced by 5%, and Upper Zakum by 3%, it said in a letter to customers dated 6 March and received by Reuters on Thursday.
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