Abu Dhabi National Oil Company's (Adnoc) decision to cut crude allocations by 10 per cent for September can become a model for other national oil companies inside and outside Opec to achieve market stability, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE's Minister of Energy.

Notifying the customers and the market of the actual changes to the lifting schedule provides transparency and credibility of oil production cut compliance, the minister was quoted by Wam news agency as saying in his Twitter account.

"We are optimistic about compliance from Opec and non-Opec countries and we look forward to gradual improvements toward market balance during the second half of the year," the minister added.

"Saudi Arabia and other Gulf states have an excellent track record of compliance to Opec decisions and together with Iraq carry most of the cut," he wrote.

Opec and allied non-Opec producers agreed on May 25 to extend an existing supply curb into 2018.