Upper Zakum Crude Price Reduced to $27.50

ADNOC has reduced the price of its Upper Zakum crude by 50 cents from $28.00/B to $27.50/B with effect from 1 February, MEES understands. The Upper Zakum field, which is still officially rated as being on test production, was producing at around 115,000 b/d in the fourth quarter of 1984, but this has now reportedly been lowered to 80,000 b/d in line with the reduction in the UAE's OPEC quota from 1.1mn b/d to 950,000 b/d last November.