UAE Warns Buyers It’ll Deliver Less Crude Ahead Of OPEC+ Meeting

Despite expectations that the OPEC+ group could raise overall supply in the coming months, the Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE) plans to significantly reduce term supplies of its crude oil grades for loading in September. ADNOC has already informed buyers it would be cutting the September-loading term supply of its crude by 15 percent, Argus reported on Monday. Separately, four sources with direct knowledge of ADNOC’s plans told Reuters that the UAE’s state-held oil giant would cut crude oil supply…