Abu Dhabi is not the Gulf’s biggest energy exporter, but ADNOC has emerged as one of its most flexible — thanks to geography, defense capabilities, and a willingness to take risks. The state oil company has led the region in ramping up oil output during the Iran war, helped by the UAE’s exit from oil cartel OPEC in May: The UAE exported around 3.8 million barrels a day in June.
Abu Dhabi is expanding a pipeline to Fujairah that bypasses the Strait of Hormuz, while some of its tankers are managing to slip through the waterway, helping ADNOC maintain and sometimes even exceed prewar flows. Its vessels have also carried Iraqi crude, adding to the cushion for global oil markets. The human cost has, however, been high: 23 of its ships have been attacked by Iran, killing one crew member and injuring about 20 others.