UAE exports record oil volumes after OPEC exit, ship-tracking data shows

The United Arab Emirates boosted crude oil and condensate exports to a record high in June, preliminary Kpler and Vortexa ship-tracking data showed, shortly after the Gulf producer left OPEC.

The decision to end almost 60 years of membership of the Organization of the Petroleum Exporting Countries on May 1 during the U.S.-Israeli war with Iran was aimed at maximizing the value of its resources, free from the constraints of the producer group's quotas.

Iran's chokehold on the Strait of Hormuz, meanwhile, prompted Abu Dhabi National Oil Company (ADNOC) to set up a tanker shuttle service to export ⁠its crude on vessels with their transponders switched off to reduce the risk of attack while sailing through the Gulf, helping these so-called dark vessels to evade attacks, trade sources and experts have said.

Crude and condensate exports from the UAE have averaged about 3.7 million barrels per day this month, the highest level on record, remaining above the 3.1 million to 3.3 million bpd achieved before the Middle East conflict, said Kpler senior oil analyst Johannes Rauball.


Reuters