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Abu Dhabi deepens Feb crude supply curbs to Asia
TOKYO - The United Arab Emirates on Monday deepened its curbs on some crude oil supplies to Asia for February, a move traders said may reflect the abundance of lighter distillate-rich grades in the market.
Abu Dhabi National Oil Co (ADNOC), the main supplier from OPEC-member the UAE, the world’s third-largest oil exporter, said it will supply its Asian customers with less of its flagship Murban crude and two other main grades in February than in January.
The Febuary cuts for Murban at 13 percent were not as sharp as the 15 percent for December.
ADNOC, however, said it would supply more heavy Upper Zakum crude in February versus the month before.
The state oil firm plans to supply light Umm Shaif and Lower Zakum crudes at 15 percent below contracted volumes for February, a deeper curb in supplies than the 10 percent cuts for January.
UAE, together with core Arab Gulf OPEC members Saudi Arabia, Kuwait and Qatar have been the most disciplined in both cutting and maintaining compliance with agreed output cuts since late last year.
The cut in allocation does not necessarily mean that the UAE is cutting production, sources said.
OPEC members agreed last week to keep supply curbs unchanged and crack down on those in its ranks who are failing to comply with restrictions in a bid to drain bulging global fuel inventories.
Traders said ADNOC may have steepened the cuts in allocation of its lighter crude because of an oversupply of such grades in the market.
The gas oil market remains bearish due to a global glut, with almost 100 million barrels of distillates set to be placed in floating storage by end-December, adding pressure to grades such as Murban.
On the spot market, February Murban cargoes were traded at a discount of between 5 and 15 cents a barrel to ADNOC this month, steady to discounts of 10-15 cents for January cargoes.
ADNOC will supply Upper Zakum crude at 10 percent below contracted volumes for February, narrower than 20 percent cuts in January.
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