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UAE Oil Exports Recover to 85% of Pre-War Levels, IEA Says

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UAE oil exports recovered to nearly 85% of pre-Iran war levels in early June, reaching 4.3 million barrels per day from 1.9 million bpd in March, according to the International Energy Agency, Bloomberg reported Tuesday.

The IEA said the UAE boosted shipments by using its Fujairah pipeline route that bypasses the Strait of Hormuz, drawing on storage at its 42-million-barrel Mandous facility and increasing exports through the strait.

Abu Dhabi National Oil Co. also used its own fleet to move oil and gas cargoes through the Persian Gulf during the conflict, helping maintain supplies despite disruptions.

Oil prices have since returned to near pre-war levels after the US and Iran reached an interim peace agreement and shipping traffic through the Strait of Hormuz increased, according to Bloomberg.

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