OPEC and its allies are preparing to ease record oil output cuts next month, as evidenced by the fact that Abu Dhabi National Oil Company (ADNOC) plans to boost its oil exports in August.
The Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day, after the coronavirus crisis destroyed a third of global demand.
After July, the cuts are due to taper to 7.7 million bpd until December, although a final decision has yet to be taken. Key OPEC+ ministers hold talks next week.
Industry and trading sources said ADNOC plans to raise its crude oil exports by as much as 300,000 barrels per day in August, citing oil loading programmes by the company.
Gulf OPEC producer UAE will pump according to its output quota under the OPEC+ agreement, which is 2.590 million bpd, up from 2.446 million in July.
ADNOC has notified its customers of its plans to cut crude oil nominations for August by 5% for all grades in line with the OPEC+ pact to reduce oil supplies.
For more information visit www.adnoc.ae