UAE Signals It’ll Atone For Pumping Too Much Oil in July, August
- Adnoc told buyers to expect 25% less of oil grades in November
- Country pumped more than its OPEC+ quota in last two months
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The United Arab Emirates sent a fresh signal it will make up for pumping too much oil in the past two months, as crude prices come under renewed pressure from sagging energy demand and rising coronavirus infections.
Abu Dhabi National Oil Co., which produces almost all the UAE’s crude, has indicated to refiners and traders that reductions in oil shipments for October will continue through November.