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Oil production to be cut

Oil production to be cut
The Abu Dhabi National Oil Company has announced it will cut back its production from February, the official WAM news agency said Monday.

The Abu Dhabi National Oil Company has announced it will cut back its production from February, the official WAM news agency said Monday.

The Abu Dhabi National Oil Company, the largest such company in the United Arab Emirates, has announced it will cut back its production from February, the official WAM news agency said Monday. The move is ?in line with (an) OPEC decision to cut production,? the report said without providing further details.

The company will cut production by between 10 percent and 15 percent in four major oilfields in Abu Dhabi, which alone holds more than 95 percent of UAE oil reserves, estimated at around 100 billion barrels, it added.

The Organisation of Petroleum Exporting Countries (OPEC) at its meeting in Angola last week decided to keep its production quotas unchanged, but several members have asked for more production compliance to reduce inventories in the international oil market.

According to the Middle East Economic Survey, UAE production stood at 2.250 million barrels per day in November, slighty above its OPEC quota of 2.230 million bpd.

The last time OPEC decided to cut its output was in December 2008 when it reduced the 12-member production, excluding Iraq, by 4.2 million bpd to 24.845 million bpd.

www.TurkishMaritime.com.tr

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