OPEC+ Eyes 188,000-Bpd August Hike as UAE Exports Hit 3.7 Million Bpd
Updated
Updated · OilPrice.com · Jul 2
OPEC+ Eyes 188,000-Bpd August Hike as UAE Exports Hit 3.7 Million Bpd
3 articles · Updated · OilPrice.com · Jul 2
Summary
An OPEC+ subgroup is expected to raise August production quotas by another 188,000 barrels a day, matching July’s increase as the alliance tries to extend post-war supply relief.
Those earlier hikes largely stayed on paper because fighting after U.S. and Israeli strikes on Iran disrupted Gulf output and Iran’s closure of the Strait of Hormuz forced producers to shut in wells.
Iraq was among the hardest hit, with production falling from more than 4 million barrels a day to under 2 million during the Hormuz shutdown.
The UAE, which has left OPEC, exported a record 3.7 million barrels a day in June according to Kpler, with Vortexa estimating flows as high as 4 million as tanker traffic resumed.
Some of that UAE surge came from stored crude rather than fresh output, suggesting exports could ease even as recovering Hormuz traffic and near-14 million-bpd U.S. production keep pressure on oil prices.