Abu Dhabi Will Lead OPEC Oil Production Cuts In February - 3 - 5% - Reuters

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OKYO (Reuters) - Abu Dhabi's state oil firm said on Tuesday it will cut some crude sales in February by 3-5 percent, the first indication of an OPEC member applying new output curbs.

Abu Dhabi National Oil Co. (ADNOC), the main producer in the United Arab Emirates, will reduce supplies of three grades that account for nearly half its production by 3-5 percent below contracted volumes, it said in a statement.

It had supplied customers with full contracted volumes in January, when traders said it complied with OPEC limits by reducing sales on the spot market. ADNOC did not cut sales of its Murban grade, which is more than half its output, for February.

The cuts, if applied equally to ADNOC and to its joint-venture foreign partners in the three fields, should amount to about 40,000 barrels per day (bpd), in line with the UAE's commitment under a second round of OPEC cuts. "OPEC producers seem really committed to cutbacks to defend prices," a trader said. News of the curbs added support to global oil prices already rising on signs of chillier U.S. weather and fears over Iranian supplies after the United Nations imposed sanctions. U.S. crude was up 41 cents at $62.82 a barrel by 0500 GMT.

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