The United Arab Emirates (UAE) has managed to reach high levels of production and exports by increasing its oil exports after the start of the Iran war. The country's energy minister, Suhail Al Mazrouei, announced this news at the ADIPEC energy conference in Abu Dhabi.
Exit from OPEC and Increased Production
The United Arab Emirates exited the Organization of the Petroleum Exporting Countries (OPEC) in April 2023 after 59 years of membership. This exit occurred just weeks after the start of the U.S. and Israel's war with Iran at the end of February. This war has had significant impacts on energy supply and oil prices.
Read more: Financial managers and investment funds increased long positions in Brent oil
Al Mazrouei noted at the conference that the country's exports have at times exceeded pre-war levels, although he did not provide more detailed figures. He also emphasized the UAE's determination to maintain energy infrastructure and invest in new export routes.
Oil Production Statistics and Economic Impacts
According to OPEC data from secondary sources, the United Arab Emirates reached a production of 3.917 million barrels of crude oil per day in September 2023, reflecting a 15 percent increase compared to February levels. This figure is 470,000 barrels per day above the OPEC+ quota that was set for the UAE in May 2023, had it continued its membership in the organization. The United Arab Emirates officially exited OPEC and OPEC+ on May 1, 2023.
Meanwhile, other regional OPEC+ members, except for Oman, kept their production below the set quotas. These changes in production and exports clearly demonstrate the UAE's efforts to strengthen its position in the global oil market and reduce dependence on traditional OPEC mechanisms.
The ADIPEC conference, which will continue until Thursday, provides an opportunity for discussion and strategic planning in the energy sector. With this approach, the United Arab Emirates seeks to improve and develop its oil and energy infrastructure in the current critical conditions.
Read more: Brent oil price falls to $94 and its implications · Goldman Sachs raises Brent oil price forecast to $88 in 2027
