ADNOC slashes oil production in July

Abu Dhabi, May 30, 2010 (WAM)- Abu Dhabi National Oil Company, or ADNOC, has announced plans to cut oil shipments to customers in July. The cuts from ADNOC's 4 major oil fields will be as follows: Murban 3 per cent, Lower Zakum 5 per cent, Umm Shaif 5 per cent and Upper Zakum 10 per cent, according to a statement by the company. The oil shipment cargoes will be treated at Max/-5 per cent tolerance loading basis, ADNOC added. ADNOC said the move is in line with the decision by the Organisation of the Petroleum Exporting Countries, or OPEC, to reduce production. The statement reiterated ADNOC's "assurance of treating all clients fairly." – Emirates News Agency, WAM