The UAE has informed OPEC that oil production in the country increased by 80% in June after exiting the organization. This is stated in OPEC's monthly report, which was reviewed by Bloomberg.
The UAE reported that in June, it produced 3.8 million barrels of crude oil per day, exceeding the May figure by 1.71 million barrels.
The June production data was collected prior to the recent escalation of conflict between the US and Iran and prior to any potential impact it could have on oil supplies in the Persian Gulf.
Last week, the International Energy Agency estimated that UAE's oil production in June increased by 900,000 barrels per day, reaching a historic maximum of 4.1 million barrels per day.
The increase in production is attributed to Abu Dhabi's decision to exit OPEC in early May, which followed dissatisfaction with the production restrictions imposed by the organization for years.
At the same time, the UAE managed to continue shipments through the Strait of Hormuz despite disruptions caused during the conflict.
The increase in oil supply has contributed to the formation of a surplus in the Asian market, causing leading OPEC member Saudi Arabia to apply rare discounts on its oil.
The report from OPEC's secretariat, based in Vienna, continued to include UAE's production data in the organization's total production volumes even after Abu Dhabi announced its exit, which took effect on May 1. According to OPEC's charter, a member country's exit officially takes effect only at the beginning of the next calendar year.
Saudi Arabia, for its part, reported that in June, oil production increased by 561,000 barrels per day, reaching a volume of 7.122 million barrels per day. The kingdom also reported that the volume of oil supplied to the market was 6.637 million barrels per day.
