The oil cartel plans to reduce production by 1.16 million barrels-per-day (bpd) from May to the rest of the year. "We may see less loading from ADNOC from May onwards," said one of the people. (Reporting by Muyu Xu; Editing by Edmund Klamann)
SINGAPORE, May 5 (Reuters) - The Abu Dhabi National Oil
Company (ADNOC) has informed at least three buyers in Asia that
it will supply full contractual volumes of crude in July, steady
from the previous month, trade sources said on Friday.
But ADNOC has informed the term buyers that it will load 5%
less crude in May, the minimum operational tolerance, the people
said, reflecting the additional cut announced last month by the
Organization of the Petroleum Exporting Countries and their
allies, a group known as OPEC+.
ADNOC does not comment on commercial matters.
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