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UAE's ADNOC to supply full crude volumes to Asian buyers in July

Middle East

05-05-2023 | 01:35

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UAE's ADNOC to supply full crude volumes to Asian buyers in July

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 percent 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.

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.

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