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IEA Monthly Report: UAE’s June crude oil production hits a historic high

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Crypto界网 news: Last month, the UAE increased its crude oil production to a record high. This powerfully shows that in response to supply disruptions triggered by the Iran conflict, Abu Dhabi has taken bolder measures than any other neighboring country in the Persian Gulf. According to a monthly report from the International Energy Agency (IEA), the UAE’s average daily output in June was 4.1 million barrels. This exceeds the country’s peak daily production of 4 million barrels in 2020 during a brief price war with Saudi Arabia over OPEC+ policy. Since the war began, Abu Dhabi’s aggressive strategy has become increasingly evident. From mobilizing its own large fleet to chartering more ships controlled by the Korean Sinokor Group (which now operates the world’s largest fleet of very large crude carriers). Many of these vessels operate “in the shadows,” turning off digital transponders to ship crude oil out of the Persian Gulf without being detected. At the end of April, the UAE announced its exit from OPEC to break free from the organization’s production limits and pursue an expansion plan. Much of this strong restart occurred before the wave of attacks on commercial ships in the Strait of Hormuz this week.
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YieldCartographer
· 2h ago
This UAE production ramp-up is ruthless—straight up breaks the record with 4.1 million barrels, and exiting OPEC is basically an open-and-shut case: no more pretending.
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NoSleepBridge
· 2h ago
The UAE has come out on top in this round: it fully cashes in on the wartime dividend, and it doesn’t even have to turn in production quotas.
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GateUser-715706bb
· 2h ago
OPEC: You said we’d cut production together. UAE: I’m backing out first—you guys play.
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CancelingOrdersIsLikeBreathing
· 2h ago
All the peak values in 2020 were broken too—does Abu Dhabi want to make back the pandemic losses in one go?
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