ADNOC cuts oil supplies

Abu Dhabi, June 30, 2009 (WAM) - Abu Dhabi National Oil Company (ADNOC) on Monday told customers it will cut their allocations by 19% for August 2009 shipments from its four wells: Murban, Upper Zakum, Lower Zakum and Umm Sheif by 19%. The move aims at complying with the UAE's production quota set by the Organization of Petroleum Exporting Countries (OPEC). Last year, OPEC agreed to reduce production by a total of 4.2 million barrels per day (bpd) in a series of meetings it held in the months of September, October and December 2008. Meanwhile, the organization maintained the production quotas of its members in its meeting last May in a step to help the global economy recover from the financial meltdown.