The Abu Dhabi National Oil Company (ADNOC), an energy giant of the United Arab Emirates (UAE), announced on Thursday that it will cut its oil production from twoof the company's major oil fields from January 2009, Emirates News Agency reported.
ADNOC's decision to cut its oil production was in line with the announcement on Dec. 17 by the Organization of Petroleum Exporting Countries (OPEC) of an output cut of 2.2 million barrels per day (bpd) starting Jan. 1, 2009.
"In accordance with OPEC decision to reduce production, we regret to advise you the following cut for your January 2009 allocations, Murban 15 percent and Upper Zakum three percent," ADNOC said in a statement, but did not give an exact number of the company's output reduction.
In a bid to stabilize the declining oil prices which have shrunk more than two-thirds from record mid-July peak above 147 U.S. dollars a barrel, OPEC's announced output cuts have amounted to4.2 million bpd in the second half of this year.
ADNOC, a government-owned company established in 1971, is one of the world's leading oil companies with huge reserves. Its current production capacity stands at more than 2.7 million bpd.