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UAE Skirts Iran, Hits Record Oil Exports in June
1 Jul
Summary
- UAE oil exports reached a record 3.7 million barrels daily in June.
- Tankers bypassed the Strait of Hormuz using transponders off.
- A pipeline to Fujairah provided an alternative export route.
In June, the UAE's oil exports reached an unprecedented record of 3.7 million barrels per day. This significant increase surpassed previous figures and its OPEC quota.
The country strategically maneuvered past Iranian threats in the Strait of Hormuz. Tankers were observed sailing through the strait with their transponders deactivated to avoid detection. Additionally, the UAE leveraged a pipeline to Fujairah, providing a secure route that circumvents the Strait of Hormuz entirely.
Despite the UAE's record performance, overall crude exports from the Gulf region remained subdued. Loadings in June reached 7 million barrels a day, which is less than half of pre-war levels.
