State-owned Qatar Petroleum will slash supplies of its Marine grade sold under long-term contracts by 15%, following a 6% cut in February, said the refinery officials in Singapore, China, Japan and South Korea.
Abu Dhabi National Oil Co, the Emirates’ state-owned producer, will cut supplies of Murban oil by 10% after a 15% reduction in February, said the officials.
Shipments of Upper Zakum grade will be reduced by 15%, Umm Shaif by 10% and Lower Zakum by 10%, similar to cuts in volume last month.
Oil ministers from Opec agreed on December 17 in Oran, Algeria, to reduce supply as crude-oil prices headed for their first annual decline since 2001.
Opec cut oil production 3.5% in January, led by Saudi Arabia, whose output dropped to a six-year low as producers tried to avoid a supply glut and bolster prices, a Bloomberg News survey showed.
