UAE, now free from OPEC quotas, boosts oil exports to record levels

The UAE, freed from OPEC quotas after leaving the group on May 1, boosted crude oil and condensate exports to record levels in June, according to Kpler and Vortexa. Preliminary ship-tracking data showed average exports of about 3.7 million barrels per day this month, the highest on record, above the 3.1–3.3 million bpd seen before the Middle East conflict. Crude loadings from Abu Dhabi reached 4 million bpd between June 1 and June 29, exceeding prewar levels of 3.4 million bpd, while exports rose to about 3.7 million bpd versus 3.3 million bpd in the first two months of the year, Vortexa analyst Emma Li said. Analysts cited multiple drivers, including renewed flows via the Strait of Hormuz and a supply ramp-up approaching pre-war levels, as well as unwinding inventories. ADNOC did not respond to a comment request. The report also notes ADNOC has used tanker “dark vessels” with transponders switched off to reduce attack risk through the Gulf. ADNOC issued a fifth tender closing on Wednesday, offering several crude grades in 500,000 to 2 million barrel parcels for June through August loading.