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The UAE’s compliance has been lower because it is using its own higher output level as a reference point for its supply cut.
The UAE’s compliance has been lower because it is using its own higher output level as a reference point for its supply cut.

UAE to Continue Crude Cuts

UAE to Continue Crude Cuts

The UAE will continue to reduce its oil output to meet its commitment to a global oil production cut agreement, its Energy Minister Suhail al-Mazroui said.
“As part of UAE compliance with the OPEC agreement, ADNOC announced its December crude oil nomination cut,” Mazroui wrote on his Twitter account, referring to the Abu Dhabi National Oil Company. “This reflects the UAE’s continued focus on reducing its oil production by 139,000 barrels per day as per its OPEC commitment,” he was quoted as saying by Reuters.
State-owned Abu Dhabi National Oil Company, ADNOC, said last week it has cut the amount of oil supplies to its customers for December by reducing Murban grade by 15%, Das grade by 10 and Upper Zakum crude by 5%.
The Organization of Petroleum Exporting Countries and allied non-OPEC producers, including Russia, cut output by about 1.8 million barrels per day from Jan. 1, and extended the existing supply curb into March 2018. OPEC will review policy at a Nov. 30 meeting.  Compliance with the cuts among OPEC and other oil producers were over 100% in the past couple of months, a rare level of commitment to supply curbs for the organization.
The UAE’s compliance, however, has been lower because it is using its own higher output level as a reference point for its supply cut, rather than the supply baseline used in the agreement. Qatar's Energy Minister Mohammed al Sada also said on Sunday global oil prices are on the right track now with the output-cut deal rate agreed upon by OPEC. Sada said the rate set by OPEC is the average of oil reserves over the past five years. According to the latest figures, the current global reserves have decreased from 300 million barrels to almost 160 million barrels, which means that OPEC's efforts are yielding the desired results.

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