The UAE’s oil exports hit a record high in June, as the country took advantage of its exit from OPEC and skirted Iranian threats in the Strait of Hormuz. UAE exports averaged 3.7 million barrels a day during the month, according to industry data cited by Reuters — significantly above the 3.3 million seen earlier this year, or its previous 3.5-million-barrel OPEC quota.
Abu Dhabi has sent tankers through the strait with their transponders turned off to evade Iranian surveillance, and used a pipeline to Fujairah that bypasses the chokepoint. Overall Gulf crude exports remain subdued though: Loadings rose to 7 million barrels a day in June, less than half prewar levels.