CAIRO — The United Arab Emirates' official news agency says the Abu Dhabi National Oil Company has announced it will cut oil shipments to customers starting in April, a move aimed at shoring up crude prices as the global downturn eats away at demand.
WAM reported Thursday that ADNOC will enact 15 to 17 per cent cuts in supplies of its various crude grades, including Murban.
The move comes as the Organization of Petroleum Exporting Countries struggles to reverse a slump in crude prices despite its pledge to cut 4.2 million barrels per day from September production levels.
Several OPEC members say more reductions are needed, as crude still hovers about 70 per cent below mid-July highs of almost $150 per barrel.
