Adnoc to deepen cuts of crude supply

Abu Dhabi National Oil Co (Adnoc) has said it will deepen the cut of Murban and Lower Zakum crude supply to 20% below contracted volumes in September, compared a 10% reduction in August, Reuters has reported. However, the company will raise the supply of Umm Shaif and Upper Zakum crudes to 10% below contracted volumes in September, compared with a 20% cut in August. Murban was depressed in the spot market recently due to oversupply, with September-loading cargoes valued at a discount between 20 and 30 cents a barrel to Adnoc, according to traders.