OPEC hails UAE’s commitment to oil curbs

VIENNA / WAM

OPEC has commended the UAE’s commitment to adhere to its production adjustments for “the remaining period of the Declaration of Cooperation.”
The Declaration was made at the joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on December 10, 2016 at which 11 (now 10) non-OPEC oil producing countries cooperated with the 13 (now 14) OPEC Member Countries in a concerted effort to accelerate the stabilisation of the global oil market through voluntary adjustments in total production of around 1.8 million b/d. “The Joint OPEC-Non-OPEC Ministerial Monitoring Committee, JMMC, welcomed the participation of the UAE at the recent JTC meeting, where the UAE reiterated its commitment to adhere to its production adjustments for the remaining period of the Declaration of Cooperation,” said JMMC in a press release.
The Abu Dhabi National Oil Company, ADNOC, on Monday said it would cut its October 2017 crude supplies by 10 percent across its three export grade: Murban, Das and Upper Zakum, to meet commitments under an OPEC deal to curb output. The development comes as OPEC is trying to improve
compliance among its members to an agreement reached between OPEC and non-OPEC oil producers last year.