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, said that the initial capacity of the two fields is 50,000 bpd, which will increase to 129,000 bpd by the end of this year, and then to 215,000 bpd by 2023. OMV was awarded a 20-percent stake in the 40-year offshore concession in April this year for US$1.5 billion. According to trade sources who […]