The United Arab Emirates boosted crude oil and condensate exports to a record high in June, preliminary Kpler and Vortexa ship-tracking data showed, shortly after the Gulf producer left Opec. The decision to end almost 60 years of membership of the Organisation of the Petroleum Exporting Countries on May 1 during the US-Israeli war with Iran was aimed at maximising the value of its resources, free from the constraints of the producer group's quotas.
Iran's chokehold on the Strait of Hormuz, meanwhile, prompted Abu Dhabi National Oil Company (Adnoc) to set up a tanker shuttle service to export its crude on vessels with their transponders switched off to reduce the risk of attack while sailing through the Gulf, trade sources and experts have said.
Crude and condensate exports from the UAE have averaged about 3.7mn barrels per day this month, the highest level on record, remaining above the 3.1mn to 3.3mn bpd achieved before the Middle East conflict, said Kpler senior oil analyst Johannes Rauball.
UAE exports last peaked at 3.44mn bpd in April 2020 after Saudi Arabia and Russia engaged in a short-lived oil price war.
"The rise can be attributed to multiple factors, including a resumption in flows via the Strait of Hormuz, helping to free trapped vessels," Rauball said. "At the same time, we have been observing a ramp up in supply from the UAE, which we estimate is closing in on pre-war levels."
The UAE has also been unwinding part of its inventories, helping to keep volumes elevated, Rauball said.
Adnoc did not respond to an emailed request for comment.
Abu Dhabi crude loadings hit 4mn bpd between June 1 and June 29, exceeding pre-war levels of 3.4mn bpd, said Emma Li, senior oil analyst at Vortexa. Exports, meanwhile, rose to a record 3.7mn bpd, compared with 3.3mn bpd in the first two months of the year, she added.
Asia remains a big focus for Adnoc, but there has been more demand west of the Suez Canal, including from Africa, the US west coast, northwest Europe and the Mediterranean, a source close to the matter said.
Trade sources said Adnoc has sold crude to Nigeria's Dangote refinery and Turkey's Tupras.
Oil loadings from the Gulf, excluding Iran, rose 65% month on month to 7mn bpd in June, but are still below the 16.6mn bpd in February, Vortexa's Li said.
Meanwhile Adnoc issued its fifth crude sale tender this month, offering Upper Zakum, Umm Lulu or Das crude in parcels of 500,000 barrels to 2mn barrels for loading June to August. The tender closes on Wednesday.
