UAE: UAE oil output rises again in June
Latest reading: Brent crude oil prices averaged USD 69.56 per barrel in July, down 0.4% from June. On 31 July, the commodity
traded at USD 72.58 per barrel, up 7.3% from 30 June.
Turning to production, the UAE’s oil production rose to 3.17 million barrels per day (mbpd) in July—up 7.3% year on year—from 3.06 mbpd in June (up 4.2% yoy). The July reading was the highest since October 2022, driven by looser OPEC+ output caps.
Outlook: Oil output should continue to rise in the coming months as OPEC+ loosens output restrictions further, with average output in 2025 likely to be close to record highs.