ABU DHABI MARKETING SAID NOT BREACHING OPEC PACT
A senior Abu Dhabi oil official said
in remarks published today the emirate, largest producer in the
United Arab Emirates (UAE), was succeeding in marketing its
crude oil without breaching OPEC accords.
    Khalaf al-Oteiba, Marketing Director at the Abu Dhabi
National Oil Co (ADNOC), told the company's Petroleum Community
magazine ADNOC was also keen to keep good customer relations.
"The company will maintain its dialogue with and care for its
customers in accordance with market conditions...And take
necessary steps to guarantee marketing its production," he said.
   "The present oil marketing policy of ADNOC is based on
adherence to OPEC decisions of December 1986 to control
production and establish a new pricing system in an attempt to
stabilize the market," he added.
    OPEC agreed last December to limit production to 15.8 mln
bpd and return to fixed prices averaging 18 dlrs a barrel.
    Oteiba said stabilization of the oil market in the future
depended on how much discipline OPEC showed.
    Oteiba said last year, when world oil prices dropped, was
ADNOC's most difficult ever but "a practical and flexible
pricing policy was implemented to relate to the changed market
environment."
    He said crude oil sales last year jumped to an average
609,000 bpd of which 73 pct was exported. Refined product sales
totalled eight mln metric tonnes, of which 67 pct was exported.
    In 1985, ADNOC marketed a total of 476,000 bpd of crude oil
and 7.2 mln tonnes of refined products.
 Reuter
