UAE: UAE oil output rises again in August
Latest reading: Brent crude oil prices averaged USD 67.24 per barrel in August, down 3.3% from July. On 29 August, the commodity traded at USD 68.15 per barrel, down 6.1% from 31 July.
Turning to production, the UAE’s oil production rose to 3.25 million barrels per day (mbpd) in August—up 9.8% year on year—from 3.17 mbpd in July (up 7.3% yoy). This rate of growth in August was the highest since October 2022, driven by looser OPEC+ output caps.
Outlook: Oil output should continue to increase in the coming months as OPEC+ loosens output restrictions further, with average output in 2025 likely to be near record highs.