Freed from OPEC quotas, UAE says oil exports have risen as it hosts industry event
USO•The UAE says its oil exports have risen since it left OPEC, with the energy minister saying shipments were at times higher than before the Iran war. OPEC figures put September crude output at 3.917 million barrels per day, up 15% from February, while the IEA said total oil output reached a record 5.3 million bpd.
1. Output rises after OPEC exit
The United Arab Emirates said it had increased oil exports despite disruption from the Iran war, as it opened the ADIPEC energy conference in Abu Dhabi. Energy Minister Suhail al-Mazrouei said exports had on occasions been better than before the war, without giving precise details.
2. Different output estimates
OPEC figures put UAE crude production at 3.917 million barrels per day in September, 15% above February and 470,000 bpd above the quota that would have applied in May had the UAE remained in OPEC+. The International Energy Agency estimated September production at 4.4 million bpd and said total output, including condensate and other liquids, reached a record 5.3 million bpd.
3. ADNOC disputes report data
Abu Dhabi National Oil Company said the data in the report was wrong but did not specify which figures were inaccurate or provide alternative data. Analysts said the UAE had been producing above pre-war levels since June; Energy Aspects analyst Richard Bronze attributed the early restart of exports to the UAE's willingness and ability to take risks, rather than its OPEC exit.
