ADNOC Reduces January Oil Shipments

The UAE’s biggest oil company, ADNOC, has told some buyers it will reduce shipments for January, Reuters has reported, citing sources in the know. The biggest cut will be in shipments of ADNOC’s flagship grade, Murban. The company will also cut supplies of the Upper Zakum and Das grades by 15 percent, the sources said. These reductions come on top of another 20-percent cut in allocations effected for shipments arriving this month. The Emirati company recently boosted its total oil reserves by 2 billion barrels of oil to 107 billion…