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29-11-2022, 09:00 AM
By Tsvetana Paraskova - Nov 28, 2022, 8:00 AM CST
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 adjusted 5% higher or lower compared to the contracted volumes, due to logistical circumstances.
The cut in the UAE’s exports comes just as demand in China is weakening amid renewed Covid restrictions, while oil prices have plunged in recent days due to fears of a deeper Chinese demand slowdown, on top of fears of recessions elsewhere.
https://oilprice.com/Latest-Energy-News/...ember.html
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 adjusted 5% higher or lower compared to the contracted volumes, due to logistical circumstances.
The cut in the UAE’s exports comes just as demand in China is weakening amid renewed Covid restrictions, while oil prices have plunged in recent days due to fears of a deeper Chinese demand slowdown, on top of fears of recessions elsewhere.
https://oilprice.com/Latest-Energy-News/...ember.html
