Gulf oil exports rose by over 3 million barrels per day (bpd) in June. Total regional exports exceeded 10 million bpd during the month. A fragile U.S.-Iran peace agreement enabled shipping to resume through the Strait of Hormuz.
The increased flow marks a recovery from conflict-related disruptions that previously cut regional exports by 60%.
The United Arab Emirates (UAE) led the regional surge. UAE crude and condensate exports reached a record 3.7 million bpd. The nation utilized strategic pipelines and its own tanker fleet to bypass the strait.
This record follows the UAE’s exit from OPEC in May. The departure removed production constraints and allowed the UAE to increase supply as market conditions changed.