CAIRO (AP) -- The United Arab Emirates on Thursday said it would further cut oil shipments to customers, starting in April, reflecting a further push for OPEC compliance as the group struggles to shore up slumping crude prices by siphoning barrels from a global market in which demand is steadily eroding.
The Abu Dhabi National Oil Company would cut as much as 17 percent of its output on various grads, reported the Emirates' official news agency, WAM, adding that the cuts were on top of earlier reductions of 10-15 percent announced late January. The move comes as analysts say the Organization of Petroleum Exporting Countries has largely made good on its pledge to cut production by 4.2 million barrels a day in the face of a nearly 70 percent slump in oil prices since mid-July.
The 12-nation producer bloc is gearing up for a meeting in March, with many of its oil revenue-dependent members already calling for further reductions because of budgetary woes. Analysts believe that the group may be gearing up for an additional cut of about 1 million barrels a day.
At the group's upcoming Vienna meeting, "it will be easier for OPEC to make an additional small cut," said Oliver Jakob, managing director of the Swiss-based oil consultancy, Petromatrix. "If they were at 50 percent (compliance), it would do nothing to the market to have another 1 million barrel per day reduction. more...
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