Dubai, UAE – The UAE recorded the highest level of crude oil production in its history last June. After the average production reached 4.1 million barrels per day, according to the latest report issued by the International Energy Agency. In a move that reflects the country’s rapid response to the repercussions of the war with Iran and the strengthening of its independence in production policy after leaving the OPEC+ alliance.
The agency explained that UAE production thus exceeded the previous record of 4 million barrels per day recorded in 2020 during the short price war period within the OPEC+ alliance.
This increase also comes after the UAE left the coalition at the end of last April, which gave it greater freedom to determine production levels.
The report indicated that the UAE was the most daring among the Gulf states in dealing with the oil market turmoil resulting from the war. It relied on its large naval fleet to transport crude. It also leased additional tankers operated by South Korea’s Sinocor Group, which now has the largest fleet of giant oil tankers in the world.
The International Energy Agency confirmed that most of the increase in UAE production and exports was achieved before the series of attacks targeting commercial navigation in the Strait of Hormuz this week. This reflects the rapid recovery of UAE oil flows after the end of restrictions imposed by OPEC+ policies.
Meanwhile, the rest of the oil-producing Gulf states raised their production levels in June. But it remained below pre-war levels.
Saudi Arabia’s production reached 7.3 million barrels per day, an increase of 900,000 barrels per day compared to the previous month. While Kuwait’s production rose to 1.4 million barrels per day, and Iraq’s to 2 million barrels per day.
