UAE Oil Production Nears Record High After OPEC Exit

The UAE is wasting little time capitalizing on its exit from OPEC, with crude production already climbing above 3.8 million barrels per day in June, its highest level in more than six years, as Abu Dhabi rapidly converts spare capacity into exports despite weaker oil prices. Production has accelerated since the UAE formally withdrew from OPEC and OPEC+ on May 1, ending years of output restrictions that had limited its ability to fully utilize its production capacity. Energy Minister Suhail Al Mazrouei said the UAE’s investments in upstream…