UAE announced the first OPEC cut

Abu Dhabi National Oil Company (ADNOC) has said that it will reduce crude oil supplies to Asia, although it is unlikely to have a serious impact since the cuts are within the tolerance limits.

As per Reuters report, ADNOC is set to cut deliveries by 3 to 5 percent for three export grades. “In line with OPEC's latest decision to cut production, we regret to advise you that crude oil allocation for the month of January 2017 will be reduced,” ADNOC said.

UAE has pledged to cut 139,000 bpd from a reference production level of 3.013 million bpd.