ADNOC pumps more oil in August on high domestic demand, plans future cut: Sources

A general view of ADNOC headquarters in Abu Dhabi, UAE. (File photo: Reuters)

State-run oil giant Abu Dhabi National Oil Company (ADNOC) pumped 2.693 million barrels per day of crude oil in August, above its OPEC+ output quota, due to higher domestic demand for associated gas for power generation, two sources familiar with the matter told Reuters.

ADNOC will compensate for the rise in August’s production in by reducing its oil supply and exports in coming months, the sources said. ADNOC told customers it would slash its October crude oil term supplies by 30 percent, in order to comply with the United Arab Emirate’s commitment to the OPEC+ pact.

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Last Update: Tuesday, 01 September 2020 KSA 11:10 - GMT 08:10
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