Abu Dhabi to Supply Full Crude-Oil Volumes to Asia in January

By Nesa Subrahmaniyan and Christian Schmollinger

Dec. 2 (Bloomberg) -- Abu Dhabi National Oil Co., the United Arab Emirates state-owned producer, will supply full crude shipments to its Asian customers in January, said four traders at refiners in Japan, South Korea and Singapore.

Abu Dhabi National, known as Adnoc, will supply contracted volumes of its Murban, Upper Zakum, Lower Zakum and Umm Shaif grades next month, said the traders, who asked to remain unidentified because of company policy.

In late October, Adnoc notified its Asian customers it will cut December shipments of Murban by 15 percent, Lower Zakum by 10 percent, Umm Shaif by 5 percent and Upper Zakum by 5 percent, according to notices traders received at the time.

The United Arab Emirates was the Organization of Petroleum Exporting Countries' fourth-largest producer in October. OPEC agreed on Oct. 24 to cut their output quotas by 1.5 million barrels a day to bolster crude prices that have plummeted 56 percent since reaching a record of $147.27 a barrel on July 11 in New York.

To contact the reporters on this story: Nesa Subrahmaniyan in Singapore at nesas@bloomberg.net; Christian Schmollinger in Singapore at christian.s@bloomberg.net.