ADNOC announces oil production cut

Abu Dhabi, Dec 29, 2009 (WAM) - The Abu Dhabi National Oil Company (ADNOC) has announced oil production cut beginning from February, 2010. The move is in line with OPEC decision to cut production. ADNOC said the rate of production cut from its various sources will be as follows: Murban 13%, Lower Zakum 15%, Umm Shaif 15%, while the Upper Zakum will have a 10% cut. It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis for all its clients.