International Energy Agency: The United Arab Emirates is expected to become a major non-OPEC+ supplier next year.

The International Energy Agency said that after exiting the organization, the United Arab Emirates is expected to be one of the largest contributing countries to non-OPEC+ supply growth next year. The Paris-based agency predicts that the country's oil production will increase by 730,000 barrels per day to reach 5.2 million barrels per day. "Against the backdrop of exiting OPEC+ and related quotas, future production is expected to be closer to full capacity," the International Energy Agency said. "The UAE's abundant domestic resources and continuously developing export capabilities enable the country to effectively increase production until 2027 without relying on agreements regarding the opening of the Strait of Hormuz."