UAE's ADNOC to cut Jan crude nominations following OPEC pullback

DUBAI: State-run Abu Dhabi National Oil Company (ADNOC) has informed its customers of a cut in its crude oil nominations for January in line with OPEC's decision last week to reduce oil supplies, a source familiar with the matter said on Monday.

Nominations for Murban crude grade will be cut by 15 percent, while both Das and Upper Zakum grades will be cut by 5 percent each, the source said.

OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude.