After leaving OPEC and releasing production capacity, UAE crude oil and condensate exports hit a record high in June.
- According to Kpler data, the United Arab Emirates’ average crude oil and condensate exports in June reached approximately 3.7 million barrels per day, setting a new all-time high and surpassing the previous peak of 3.44 million barrels per day recorded in April 2020.
- The decision to withdraw from OPEC on May 1 freed the UAE from output quota constraints, enabling it to maximize the value of its resources. The surge in export volume is a direct result of this strategic adjustment.
- Abu Dhabi’s crude oil shipment volume reached 4 million barrels per day between June 1 and 29, exceeding the pre-conflict level of 3.4 million barrels per day; Vortexa data also showed that exports significantly increased from the 3.3 million barrels per day seen in the first two months of this year.
- The increase in supply is supported by multiple factors: the reopening of the Strait of Hormuz released previously stranded vessels, while the UAE has also continued drawing down some inventories to maintain high export volumes.
- Asia remains the main export destination, but demand west of the Suez Canal is also rising, including Africa, the US West Coast, Northwest Europe, and the Mediterranean region. ADNOC has issued its fifth crude oil sales tender this month, offering Upper Zakum, Umm Lulu, or Das crude, with vessel loading dates between June and August.
- Excluding Iran, Gulf countries’ oil shipment volumes in June grew by 65% month-on-month to 7 million barrels per day, but this is still far below the 16.6 million barrels per day recorded in February, indicating the region’s overall supply has yet to fully recover to pre-conflict levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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