The International Energy Agency says United Arab Emirates oil output reached record levels in September. Abu Dhabi raised total production to 5.3 million barrels a day. Gulf flows overall recovered, though new attacks on tankers leave the rebound's durability unclear.
The United Arab Emirates raised total oil production by 400,000 barrels a day to 5.3 million in September, including condensates, the International Energy Agency said in a monthly report. Crude output climbed to more than 4.4 million barrels a day, nearing the country's maximum capacity, according to the agency.
The new levels top the previous highs for total oil in August and for crude oil in June. The IEA's figures underscore the UAE's resilience during the Iran war.
How the UAE kept barrels moving
The UAE has been one of the most successful regional producers at restoring flows through the Strait of Hormuz. It draws 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 OPEC as of May freed it from the group's output caps, a source of frustration for years.
Gulf rebound faces fresh attacks
The UAE's gains contributed to a wider recovery in 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 is unclear how far the regional rebound has withstood a new wave of Iranian attacks on tankers transiting Hormuz, and escalating hostilities by the Houthi rebel faction in Yemen.
The UAE also depleted its observable above-ground inventories at a record pace of more than 270,000 barrels a day in September, drawing them to an all-time low, according to the IEA.
Source: Rigzone
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