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Abu Dhabi National Oil Company (ADNOC) released a statement on Wednesday, citing that they are committed to lowering oil production from its current levels of 4.1mln barrels per day (bpd).

Meanwhile, Amena Bakr, Deputy Bureau Chief at EnergyIntel tweeted out: “The IEA will release its latest update on the outlook for global oil markets today. According to Saudi Arabia’s Prince Abdelaziz, the IEA will announce stock buying of 200 million barrels over the coming 2 months.”

more to come …