The Abu Dhabi National Oil Company, the largest such company in the United Arab Emirates, has announced it will cut back its production from February, the official WAM news agency said Monday.

The move is “in line with (an) OPEC decision to cut production,” the report said without providing further details.

The company will cut production by between 10 percent and 15 percent in
four major oilfields in Abu Dhabi, which alone holds more than 95
percent of UAE oil reserves, estimated at around 100 billion barrels,
it added.

The Organisation of Petroleum Exporting Countries (OPEC) at its meeting
in Angola last week decided to keep its production quotas unchanged,
but several members have asked for more production compliance to reduce
inventories in the international oil market.

According to the Middle East Economic Survey, UAE production stood at
2.250 million barrels per day in November, slighty above its OPEC quota
of 2.230 million bpd.

The last time OPEC decided to cut its output was in December 2008 when
it reduced the 12-member production, excluding Iraq, by 4.2 million bpd
to 24.845 million bpd.

Source: AFP

Search to find what you want

• EIA Raises Outlook 2010 OPEC production to 29.51 million b / d

    OPEC members will begin to gradually produce more oil over the next 18 months, the U.S. Energy Information Administration said in its monthly short-term energy outlook

• Iran says non-OPEC Output Rise reason for the price cut

    Iran’s oil Minister said on Sunday that the increase of crude production by non-OPEC countries has had an adverse impact on oil prices, the official IRNA news agency reported. “Although OPEC has lowered its production ceiling several times, non-OPEC producers have increased their oil output with negative impact on crude

• Kuwait: Gulf OPEC cuts over 90 percent compliance

    A senior Kuwaiti oil official says the compliance by Gulf OPEC members with the cartel’s production cuts has been over 90 percent. Nawal al-Fuzeih, the assistant undersecretary of the Oil Ministry, says compliance of OPEC members has been good in general but that the Gulf states have been especially true

• The Iranian oil minister says the increase in…

    The Iranian oil minister says the increase in crude production by non-OPEC countries has had an adverse impact on oil prices. “Although OPEC has lowered its production ceiling several times, non-OPEC producers have increased their oil output, which has had a negative impact on crude prices,” Masoud Mirkazemi was quoted

• to increase the oil production in Azerbaijan – OPEC

    OPEC predicts the increase in the volume of oil production in Azerbaijan in 2010.

• Iraq Says OPEC should strengthen its production goals

    The Organization of Petroleum Exporting Countries should maintain oil production levels when it meets next month in Vienna, Iraq’s oil minister said today. There is “still room for improvement” in oil prices, trading around $74 a barrel in New York today, Oil Minister Hussain al-Shahristani said. OPEC, responsible for 40 percent of

• Dying to convince OPEC the world, they can still maintain $ 80 oil

    OPEC member states’ compliance with production quota’s has fallen to a dismal 54%, something Secretary-General Abdalla El-Badri isn’t too happy with. At the same time, it’s traditional power structure with Saudi Arabia as undisputed production king is under attack by the rise of Iraqi oil production potential. Now, to make

• Chavez raises Venezuela economic drop on OPEC cut

    Venezuelan President Hugo Chavez said on Wednesday the South American nation’s unexpectedly high third-quarter economic contraction was due to its compliance with OPEC-mandated production cuts. Chavez said it would be easy to reverse the GDP trend if Venezuela were to disobey OPEC agreements under which, he said, local output had

• Crude Oil May as U.S. stocks to increase OPEC production case, Survey Shows

    Crude oil may fall next week amid increases in U.S.

• Saudi Aramco in February emphasized quantities of oil to Asia

    Saudi Arabian Oil Co., the world’s largest producer, will supply full volumes of crude to refiners in China, South Korea and Taiwan for February. Saudi Aramco, as the company is known, will provide 100 percent of cargoes sold under long-term contracts next month, according to a Bloomberg News survey of