UAE: UAE oil output rises again in June
Latest reading: Brent crude oil prices averaged USD 69.85 per barrel in June, up 9.0% from May. On 30 June, the commodity traded at USD 67.65 per barrel, up 5.8% from 30 May.
Turning to production, the UAE’s oil production rose to 3.1 million barrels per day (mbpd) in June from 3.0 mbpd in May. The June reading was the highest since late 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.