UAE's ADNOC cut volume of crude for its onshore partners by about a fifth this month, according to Bloomberg
Newsquawk Staff ·
UAE's ADNOC cut volume of crude for its onshore partners by about a fifth this month, according to Bloomberg.
What it means
ADNOC's reduction of crude volumes for its onshore partners by about 20% suggests a tightening in supply, which could support higher oil prices like WTI and Brent in the near term. This move may reflect strategic adjustments in production, potentially impacting global market dynamics and inflation considerations given the current economic backdrop.
Sources
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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