The United Arab Emirates increased crude oil production sharply in June after leaving OPEC, taking output to near-record levels as Gulf oil exports recovered from disruptions linked to the Iran conflict and concerns shifted from supply shortages to higher crude availability in the market.
The UAE produced more than 3.8 million barrels per day (bpd) in June, its highest level since April 2020, according to two sources familiar with production data.
The International Energy Agency (IEA) estimated output was even higher at 4.1 million bpd, saying it was the country’s highest monthly average on record, surpassing the previous peak of 4 million bpd reached during the 2020 oil price war.
The increase came after the UAE left OPEC and OPEC+ on May 1, ending production limits imposed under the group’s quota system.
When announcing the decision, Energy Minister Suhail al-Mazrouei said the UAE had invested heavily in expanding production capacity and owed it
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