ADNOC to Reduce Crude Volumes by 5%

Commercial sources reported today, Friday, that the Abu Dhabi National Oil Company (ADNOC) has informed three Asian buyers that it will provide them with the full contracted quantities of crude in July without any change from the previous month. The sources noted that ADNOC informed the buyers that it will reduce crude volumes by 5% in May, reflecting the additional cuts announced by the OPEC+ group for oil producers last month. ADNOC does not comment on commercial matters. OPEC+ plans to reduce production by 1.16 million barrels per day starting in May through the end of the year.