ADNOC, the Emirati oil company, has announced that it will step up its reduction in crude oil supply from September onwards.
This decision has not yet been justified by the company.
ADNOC reduces its oil volume by 15%.
Abu Dhabi National Oil Company will reduce the volume of crude oil produced by 15% during the month of September.
The latter was initially intended for Asian forward buyers.
This is a greater reduction than the one for crude oil cargoes loaded in August.
The latter amounted to just 5%.
At present, the company has not commented on this choice and declined to answer questions, according to Reuters.
A surprising decision
This production cut came as a surprise to some oil market players.
Indeed, the next OPEC+ meeting is only scheduled for July 1.
At the same time, the organization released 2.1 million barrels per day onto the market between May and July.
This is part of a plan to phase out last year’s oil production restrictions.
A further easing of production cuts in August?
However, OPEC+ is reportedly discussing a further easing of oil production cuts from August onwards.
The reason: rising oil prices and recovering demand.
However, no decision has yet been taken on the exact volume to be put back on the market.
ADNOC is therefore expected to reduce its crude oil supply from September onwards.
Further decisions on the easing of production cuts could be taken by OPEC+ on July 1.
