IEA Forecasts UAE's Daily Oil Production to Surge to 5.2 Million Barrels Next Year

Deep News17:40

The International Energy Agency has projected in its monthly oil market report that the United Arab Emirates' average daily oil production will increase by 730 thousand barrels next year, reaching 5.2 million barrels per day. The nation is set to become one of the primary contributors to supply growth from non-OPEC+ sources.

The IEA estimates that the UAE's average daily crude oil production this year stands at 3.6 million barrels. Additionally, its daily output of condensate and natural gas liquids reaches 840 thousand barrels.

The UAE formally exited the OPEC alliance in May.

Regarding the country's May capacity and export adjustments: its crude oil production was revised upwards by 230 thousand barrels per day to 2.8 million barrels per day. This figure remains approximately 835 thousand barrels per day below the pre-conflict peak of over 3.6 million barrels per day. Total petroleum exports increased by 260 thousand barrels month-on-month, reaching 3.1 million barrels per day. This rise is attributed to a "significant increase in covert crude oil shipments via the Strait of Hormuz off the coast of Oman."

The report notes: "While the UAE's exit from OPEC on May 1st creates room for further production expansion down the line, the immediate priority for the country is restoring exports and production to normal levels."

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