The United Arab Emirates (UAE) ramped up crude oil and condensate exports to a record high in June, preliminary ship‑tracking data from Kpler and Vortexa showed, marking a surge that followed its departure from the Organization of the Petroleum Exporting Countries (OPEC), Reuters reported.
UAE crude oil and condensate exports have averaged around 3.7 million barrels per day (mmbl/d) this month, the highest on record, staying well above the 3.1 to 3.3 mmbl/d levels seen before the Middle East conflict, according to Kpler senior oil analyst Johannes Rauball.
The UAE’s decision to end nearly six decades of OPEC membership on May 1, taken amid the US–Israeli war with Iran, was designed to maximize the value of its resources by freeing production from the cartel’s quota constraints.
Iran’s stranglehold on the Strait of Hormuz prompted Abu Dhabi National Oil Company (ADNOC) to launch a tanker shuttle service, exporting crude on vessels with transponders switched off to lower the risk of attack while crossing the Gulf, a strategy that allowed these so‑called “dark” ships to evade strikes, according to trade sources and experts.
UAE exports last reached a peak of 3.44 mmbl/d in April 2020, when Saudi Arabia and Russia briefly engaged in an oil price war.
“The rise can be attributed to multiple factors, including a resumption in flows via the Strait of Hormuz, helping to free trapped vessels,” Rauball said.
“At the same time, we have been observing a ramp-up in supply from the UAE, which we estimate is closing in on pre-war levels.”
The UAE has also been drawing down part of its inventories, a move that has helped keep export volumes elevated, Rauball noted.
Abu Dhabi crude loadings reached 4 mmbl/d between June 1 and June 29, surpassing pre‑war levels of 3.4 mmbl/d, according to Vortexa senior oil analyst Emma Li. Exports climbed to a record 3.7 mmbl/d, up from 3.3 mmbl/d in the first two months of the year, she added.
While Asia remains a key market for Abu Dhabi National Oil Company (ADNOC), demand has also strengthened west of the Suez Canal, with buyers emerging from Africa, the US West Coast, northwest Europe, and the Mediterranean, according to a source familiar with the matter. ADNOC has sold crude to Nigeria’s Dangote refinery as well as Turkey’s Tupras.
Oil loadings from the Gulf, excluding Iran, jumped 65% month‑on‑month to 7 mmbl/d in June, though volumes remain below the 16.6 mmbl/d recorded in February, Vortexa’s Emma Li said.
ADNOC issued its fifth crude sale tender this month, offering Upper Zakum, Umm Lulu, or Das grades in parcels ranging from 500,000 to 2 mmbl for loading between June and August. The tender is set to close on July 1st.
Meanwhile, Nigeria’s Dangote refinery, with a production capacity of 650,000 bbl/d, imported 2 mmbl of crude oil from ADNOC, marking the refinery’s first purchase of this kind from the Emirati producer, traders told Reuters.
