(Bloomberg) – Oil output from the United Arab Emirates climbed to record levels last month, the International Energy Agency said, underscoring its resilience during the Iran war and liberation from OPEC+ limits.
Abu Dhabi raised total oil production, including condensates, by 400,000 bpd to 5.3 MMbpd, the IEA said in a monthly report. It bolstered crude output to more than 4.4 MMbpd, nearing its maximum capacity, according to the agency. That exceeds the previous highs for total oil in August, and crude oil in June.
The UAE has beenone of the most successfulamong regional producers in restoring flows through the Strait of Hormuz, by drawing on a fleet of tankers to discreetly shuttle cargoes through the chokepoint and then transfer them onto other vessels. In addition, the country’s decision to leave the Organization of the Petroleum Exporting Countries as of May has freed it from the group’s output caps, a source of frustration for years.
Its gains contributed to awider recoveryin flows from gulf producers, which reached more than 75% of pre-war levels in September, led by Saudi Arabia, according to the Paris-based IEA.
Still, it’s unclear how far the regional rebound has withstood a new wave of Iranian attacks on tankers transiting Hormuz, and escalating hostilities carried out by the Houthi rebel faction in Yemen.
The UAE depleted its observable above-ground inventories at a record pace of more than 270,000 bpd in September, drawing them to an all-time low, according to the IEA.
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