UAE: UAE oil output ticks up further in May
Latest reading: Brent crude oil prices averaged USD 64.09 per barrel in May, down 4.2% from April. On 30 May, the commodity traded at USD 63.92 per barrel, down 0.6% from 30 April.
Turning to production, the UAE’s oil production rose to 2.97 million barrels per day (mbpd) in May from 2.95 mbpd in April. The figure was below the country’s quota of 3.02 mbpd and remained at one of the lowest levels since late 2021.
Outlook: The UAE’s quota in June is set at 3.09 mbpd, and in July at 3.17 mbpd. The country’s production quota is then set to rise steadily further through September 2026, eventually reaching 3.38 million barrels per day (mbpd). This increase will surpass that of neighbor and economic rival Saudi Arabia, reflecting a deal struck last year to boost the UAE’s allowable output.
Looking further ahead, production capacity is set to climb even higher, with the national oil company targeting a capacity of 5.00 mbpd by 2027, up from its current peak of 4.85 mbpd.