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ABU DHABI / WAM
Notifying the customers and the market of the actual changes to the lifting schedule provides transparency and credibility of oil production cut compliance, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of
Energy has stated.
The minister made the statements on his Twitter on Wednesday, expressing hope that Abu Dhabi National Oil Company’s (ADNOC) decision to cut crude allocations by 10 percent for September would become ‘a model for other national oil companies inside and outside OPEC to achieve market stability.’
The minister added that notifying the customers and the market of the actual changes to the lifting schedule ‘provides transparency and credibility of cut compliance,’ he wrote.
“We are optimistic about compliance from OPEC and non-OPEC countries and we look forward to gradual improvements towards market balance during the second half of the year,†the minister added.