FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: UAE Crude Exports Hit Record High in June After OPEC Exit

By

The UAE raised crude oil and condensate exports to a record 3.7 million barrels per day in June as production recovered and inventories were drawn down following disruptions due to the ongoing conflict in the Middle East, Reuters reported on Tuesday.

The increase came weeks after the UAE ended nearly 60 years of membership in OPEC, citing a desire to maximize the value of its resources outside the group's quota system.

The Abu Dhabi National Oil Company also expanded spot sales to Nigeria's Dangote refinery and Turkey's Tupras, while demand strengthened beyond Asia.

Adnoc did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Oil & Energy

EMEA Oil Update: Crude Rises as US And Iran Halt Attacks, Hormuz Traffic Slows

EMEA crude futures rose in after-hours trading on Monday after the US and Iran paused hostilities ahead of peace talks in Qatar following a weekend of flare-ups over the Strait of Hormuz, including an attack on a commercial tanker.Brent crude futures advanced by 1.9% to $73.41 per barrel, while Murban crude futures were up 3.2% to $68.70/bbl.Soojin Kim, a research analyst at MUFG, said crude pared early gains after the US-Iran ceasefire revived expectations for a gradual normalization of Gulf energy flows.The US and Iran are poised to hold fresh talks on Tuesday in Doha, Qatar, President Trump said in a social media post on Monday, following a weekend of hostilities."Iran has requested a meeting. "It will take place tomorrow in Doha!," Trump said in a post on Truth Social.However, Iran's Deputy Foreign Minister Kazem Gharibabadi said "no technical talks" with the US have been scheduled in Doha this week, refuting media reports that the two sides were set to meet in the Qatari capital."Holding technical meetings of the working groups has not been scheduled for this week," Gharibabadi said, adding that the first round of talks will be held once conditions are met.The fresh round of negotiations follows clashes between the US and Iran over the weekend that threatened to derail negotiations aimed at ending the Middle East conflict.US officials reportedly said that both sides would pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely.On Sunday, the US Central Command said that fighter jets struck 10 Iranian military targets in and near the Hormuz in retaliation for a drone strike on the Panamanian-flagged tanker, the M/T Kiku.Iran's Islamic Revolutionary Guard, in retaliation, launched missiles and drones at the Ali Al Salem Air Base in Kuwait and the 5th Fleet naval base in Salman Port, Bahrain.Kuwait intercepted two missiles, and there was no material damage or injuries, while Bahrain reported a residential building had been hit, but no fatalities were reported.Meanwhile, commercial vessels continued to move through the Strait on Monday, with Kpler reporting that three Global Feeder Shipping vessels entered the Gulf between June 26 and 28.Saxo Bank strategists said Iran's foreign minister reiterated that Tehran retains exclusive authority over traffic through the strategic waterway under the preliminary peace agreement, thereby elevating the risk of renewed supply disruptions.

Oil & Energy

Iran's Deputy Foreign Minister Says Tehran Will Not Permit Foreign Demining in Strait of Hormuz

Iranian Deputy Foreign Minister Kazem Gharibabadi said Monday that Iran will not permit any other country to conduct demining operations in the Strait of Hormuz, responding to comments by French President Emmanuel Macron.Gharibabadi said in a post on X that, under the Islamabad memorandum of understanding, only Iran can carry out demining in the Strait of Hormuz. He added that no other country has permission to undertake such operations.Gharibabadi described the situation as sensitive and complex and strongly advised France not to further complicate it with its provocations.Earlier on Monday, Macron said in a post on X that France and Oman would cooperate with their partners to demine the Strait of Hormuz during Sultan Haitham bin Tarik's first official visit to France.

Oil & Energy

Macron Says France, Oman to Coordinate With Partners on Strait of Hormuz Demining

French President Emmanuel Macron said Monday that France and Oman agreed to work together on de-escalation in the Middle East, including cooperation on demining the Strait of Hormuz.Macron made the remarks in a post on X during Sultan Haitham bin Tarik's first official visit to France.Macron said the two countries will coordinate with their partners to demine the Strait of Hormuz to secure maritime routes and ensure free and unconditional passage through it.Macron added that France and Oman strengthened their partnership with historic agreements in the economic, scientific, cultural, and industrial sectors.