2020-11-18 14:25:00
UAE OIL PRODUCTION 2.4 MBD
PLATTS - 18 Nov 2020 - The UAE achieved 126% compliance with its OPEC+ quota in October, the energy ministry said late Nov. 17, as OPEC's third largest producer sought to compensate for overproduction in August.
The country's compliance since the cuts were implemented in May is 101%, the ministry said in a statement on the official WAM news agency.
The UAE produced 2.4 million b/d in October, according to secondary sources quoted in OPEC's November monthly oil report. The UAE's quota is 2.59 million b/d.
The UAE has implemented compensation cuts since it breached its OPEC+ quota in August, pumping 2.693 million b/d, 103,000 b/d above its quota then. UAE energy minister Suhail al-Mazrouei said the country needed to pump more crude in August to produce associated gas for electricity generation.
The Joint Ministerial Monitoring Committee of the OPEC+ alliance on Nov. 17 praised the overall high compliance achieved by members to their respective quotas, pegging it at 101% for October and 99.5% since May. However, the committee reiterated that previous overproduction needed to be made up through "compensation cuts" under the terms of the deal.
So far, among the 11 members that are required to carry out compensation cuts, only the UAE and Angola have made significant progress, the committee noted. It tallied 768,000 b/d of catch-up cuts that had been made, but did not specify how much excess production still needed to be accounted for, or which countries were responsible for the excess.
ADNOC nominations
Since September, Abu Dhabi National Oil Co., the UAE's biggest energy producer, has slashed its monthly nominations to help the country compensate for overproduction in August.
ADNOC informed its term customers it will reduce by 20% all four crude grades nominated for delivery in December, down from a 25% cut for November deliveries.
ADNOC informed customers, who lift contracted monthly volumes, also known as term lifters, that it would cut the volume available for export over December by 20% for its more popular Murban and Upper Zakum crude grades as well as for its Umm Lulu and Das Blend grades. In October, the oil producer slashed nominations by 30% for all crude grades.
The drastic reduction for October, November and December nominations follow a 5% cut that ADNOC had made for September, August and July. June term volumes for Murban and Upper Zakum had been slashed 20%, with Das Blend and Umm Lulu volumes trimmed by 5%, as the UAE joined Saudi Arabia, Kuwait and Oman in enacting additional voluntary cuts below their OPEC+ quotas for that month alone.
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Earlier:
2020, November, 17, 13:20:00
OPEC+ CUTS PRODUCTION
OPEC+ ministers are weighing whether to relax their current 7.7 million b/d in collective production cuts to 5.8 million b/d as originally scheduled, maintain them at the same level for a few months, or even deepen them.
2020, November, 17, 12:55:00
SAUDI ARABIA, UAE NUCLEAR COOPERATION
The UAE's Federal Authority for Nuclear Regulation (FANR) and Saudi Arabia's Nuclear and Radiological Regulatory Commission (NRRC) have agreed to cooperate in nuclear and radiation regulatory matters, and to form topical working groups.
2020, November, 13, 13:25:00
OPEC+ RUSSIA REDUCING
Saudi Arabia and Russia, leaders of the 23-nation coalition, have already indicated publicly that they are thinking twice about easing production cuts in January as the resurgent pandemic hits fuel demand.
2020, November, 12, 14:05:00
OPEC CUTS 7.7 MBD
OPEC+ alliance's current 7.7 million b/d in output cuts could be maintained into 2021 instead of being eased as originally planned, or even extended.
2020, November, 11, 14:30:00
OPEC+ IRAQ, SAUDI ARABIA
Saudi Arabia, Iraq "stressed full commitment to all decisions that have been agreed upon, in a manner that guarantees reaching fair and appropriate oil prices for exporters and consumers in the global oil market," the statement said.
2020, November, 9, 13:25:00
OPEC, GECF DIALOG
The OPEC delegation was led by HE Mohammad Sanusi Barkindo, Secretary General, and the GECF delegation was headed by HE Yury Sentyurin, Secretary General.
2020, November, 5, 12:45:00
OPEC OIL REVENUES WILL DOWN
OPEC earned an estimated $595 billion in net oil export revenues in 2019, a decrease of 17% compared with the estimated 2018 net export revenue and less than half the estimated record high of almost $1.2 trillion earned in 2012.
