International Energy Agency: UAE's daily oil production will increase by 730,000 barrels next year, an increase of 73 million barrels for the entire year.

The International Energy Agency stated in its monthly oil market report that the United Arab Emirates' daily oil production will increase by 730,000 barrels next year to reach 5.2 million barrels per day, making the country one of the main sources of non-OPEC+ crude supply growth. The International Energy Agency predicts that the UAE's daily average crude oil production this year is 3.6 million barrels, with additional production of 840,000 barrels of natural gas condensate and natural gas liquids per day. The UAE withdrew from OPEC in May. Production and export changes in May included a 230,000 barrel per day increase in crude oil production to 2.8 million barrels per day, still significantly lower than the peak of over 3.6 million barrels per day before the conflict by about 835,000 barrels; a month-on-month increase of 260,000 barrels in total oil exports to reach 3.1 million barrels per day, with the report attributing this increase to "a significant increase in clandestine crude oil transport activity in the Strait of Hormuz." The report emphasized that "although the UAE's withdrawal from OPEC on May 1st creates room for further production increases, the current priority is to restore export and production levels to normal."