Output dropped 70,000 bpd from January, a person with knowledge of the matter said, asking not to be identified because the information is private. Maintenance occurred at fields that produce the Das blend, the person said.
The cut is the biggest since the UAE reduced production by 120,000 bpd in January 2017 when the Organization of Petroleum Exporting Countries and its allies started to curb output to reduce a global glut. It pledged to pump not more than 2.87 MMbpd on average over the life of the accord. The UAE’s output was 2.85 MMbpd in January, according to data compiled by Bloomberg.
In line with the global accord, Abu Dhabi National Oil Co. will reduce shipments of Murban grade crude by 25% in April, the government-owned company said Thursday in an emailed statement. It didn’t announce any changes in supply for Upper Zakum or Das blend.
The UAE’s average compliance with the cuts accord has been 62%, though the rate improved to 117% in January from 103% in December, according to the International Energy Agency.