Gulf Region Oil Exports Surge in June, UAE Crude Deliveries Reach Record High

On July 3, data showed that oil exports from the Gulf region in June increased by over 3 million barrels per day compared to May, surpassing 10 million barrels per day, although still 40% lower than pre-war levels. The UAE led the recovery in the oil market, allowing millions of barrels of crude oil that were stranded in the Gulf region to enter the international market, enabling producers to increase output and bring oil prices down to pre-war levels. According to Kpler, the total export volume of crude oil and condensate from Saudi Arabia, the UAE, Kuwait, Iraq, and Iran increased by over 3.5 million barrels per day from May, reaching 10.07 million barrels per day. Another freight analysis company, Vortexa, estimated that the oil delivery volume in June was 10.2 million barrels per day, up from 7 million barrels per day in May, but still far below the 16.5 million barrels per day recorded in the same period last year. Data from Kpler, Vortexa, and LSEG indicated that UAE's crude oil exports reached a record high of 3.7 to 3.8 million barrels per day in June, more than 1 million barrels per day higher than in May.