Compliance is now pegged at near 95 per cent due to further cutbacks in customer nominations. Adnoc’s term allocations for Murban, Umm Shaif and Lower Zakum were unchanged in May at 15 per cent below contract volumes while cuts in supplies of medium heavy Upper Zakum were eased, with volumes down by a smaller 10 per cent compared with April’s stronger 17 per cent cut, said the IEA, which advises 28 industrialized nations of the world on energy policy.
The agency said the country’s sustainable oil production capacity is 2.85 million bpd, while its standby capacity against March 2009 supply is 610,000 barrels per day.
The global financial crisis, which took hold in the second half of 2008 wiped out over $25 trillion (AED91.83 trillion) from the financial system and slowed oil demand globally as economies went down.
The crisis sent the oil market into a downward spiral.
OPEC announced a 2.2 million bpd production cut for member countries effective January 2009 in an effort to elevate oil prices that have drooped on weak global demand to just above $50 a barrel from an all-time high of $147.27 a barrel seen on July 11, 2008.
