UAE crude output nears record following OPEC exit, sources says
- June’s output was the highest since April 2020
The UAE significantly increased its crude oil output in June to near record highs after leaving OPEC, demonstrating the impact of its decision to escape production caps.
- UAE's record crude oil output in June.
- UAE's decision to exit OPEC.
- Freedom from OPEC production caps.
LONDON: The United Arab Emirates raised its crude output to near record highs above 3.8 million barrels per day in June after it quit OPEC to escape production caps, two sources familiar with production data said on Monday.
June’s output was the highest since April 2020, according to Reuters estimates, exceeding levels seen before the Iran war and providing an early vindication of the UAE’s decision to leave OPEC and OPEC+ on May 1 to free production from quota restrictions.
Abu Dhabi National Oil Company and the UAE’s energy ministry did not immediately reply to a Reuters request for comment.