UAE Boosts Production, Introduces New Crude Blend

The Abu Dhabi National Oil Company (ADNOC), the producer of nearly all of the oil in the UAE, began producing and exporting a new crude grade, Umm Lulu, in October, an ADNOC spokesman told Reuters, in a move that will help raise the Middle Eastern producer’s exports as OPEC is relaxing the production cuts to offset lost supply from Iran and Venezuela. The new Umm Lulu crude grade is being pumped from the offshore fields Umm Lulu and SARB, operated by ADNOC offshore in partnership with foreign oil companies. One of them, Austria’s OMV,…