UAE To Cut Oil Supply To Asia By 5% In December

The United Arab Emirates (UAE) will lower its crude oil exports to some term contract customers in its key market Asia by 5% in December amid weak demand and oil prices, five sources familiar with the plans told Reuters on Monday. Abu Dhabi National Oil Company (ADNOC), the company pumping nearly all the oil in the key OPEC member and major crude exporter, the UAE, has notified customers in Asia that the 5% cut is part of a so-called operational tolerance clause, according to Reuters’ sources. Under that clause, the export volumes could be…