The Abu Dhabi National Oil Company, ADNOC, will cut oil production from Upper Zakum and Murban with effect from January 2009, a statement issued by the company has said, attributing the move to a decision taken by the Organisation of Petroleum Exporting Countries (OPEC) to reduce production from January 2009.
"In accordance with OPEC decision to reduce production, we regret to advise you the following cut for your January 2009 allocations, Murban 15% and Upper Zakum 3%," an ADNOC circular to its clients said.
OPEC, during an extraordinary meeting held on December 17 in the Algerian town of Wahran, decided to cut production by 2.2 million bpd with effect from January 2009 to help shore up falling oil prices. The latest production cut brings the total OPEC oil production cut since last September to 4.2 million bpd.
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