Abu Dhabi National Oil Company will cut output in March by 10 to 15 percent at its main oil fields.
Emirates state news says the country's main oil company will cut output in March by 10 to 15 percent at its main oil fields. Abu Dhabi National Oil Company's latest decision follows previously announced cutbacks for supplies in January and February. WAM news agency says the move announced Thursday is in line with OPEC's decision to cut production in hopes of stabilizing falling oil prices. It didn't provide existing production levels.
The Organization of Petroleum Exporting Countries most recently announced a production cut, of 2.2 million barrels, in December. It is due to meet again in March.
ADNOC could not immediately be reached for comment.
The UAE is OPEC's fourth biggest producer.