Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) has notified its customers that January 2019 crude oil allocations will be reduced by 2.5%, the UAE energy minister said on Wednesday.

Oil production will be reduced as follows: Murban 15%, Das 5% and Upper Zakum 5%, Suhail al-Mazrouei, who also doubles as the president of the Organization of Petroleum Exporting Countries (OPEC), said on Twitter.  

He affirmed that the GCC country is committed to the voluntary production adjustments agreed with its OPEC and non-OPEC partners under the ‘Declaration of Cooperation’.

On Wednesday, crude oil prices rose 1% before the monthly bulletin of the oil-exporter bloc.  

Last week, the Saudi-dominated oil cartel along with Russia and its allies agreed upon trimming output in a bid to boost prices.

OPEC and some non-OPEC producers decided to cut output by 1.2 million barrels per day (bpd) for six months starting from January after world prices shed a quarter of their value in just a few weeks.

The UAE, OPEC's fourth largest producer, has been pumping around 3.0 million bpd.

“We expected there will be a slowdown in demand for oil and accordingly decided to cut production,” Mazrouei commented.