UAE's ADNOC to cut January crude oil term supplies

SINGAPORE: Abu Dhabi National Oil Company (ADNOC) has informed some term buyers that it will reduce the contractual volume of crude loading in January, three sources familiar with the matter told Reuters on Tuesday.

The supply of its flagship Murban crude grade will be reduced by 20%, while the volume of two other grades - Upper Zakum and Das - will be cut by 15%, the sources said. ADNOC will also trim the supply of Umm Lulu crude grade by 5% in January, one of the sources said.

The cuts were down from a 20% reduction in crude oil term supplies by ADNOC in December.

ADNOC did not immediately respond to a request for comment.