UAE Crude Output Nears Record High Following Opec Exit

Crude oil production in the UAE climbed above 3.8 million barrels per day in June, reaching its highest level since April 2020 following the country's exit from OPEC and OPEC+.

June's production also exceeded levels recorded before the Iran conflict, marking an early outcome of the decision to leave the producer alliance on May 1st and remove output restrictions tied to production quotas. The increase follows years of investment aimed at expanding the country's oil production capacity.

The higher output comes as Gulf oil exports continue to recover following disruptions linked to the Iran conflict, while global markets increasingly shift their focus from supply shortages to concerns over oversupply. Abu Dhabi National Oil Company and the Ministry of Energy did not immediately comment on the latest production figures.