Oil supply is rising as OPEC expects global demand to grow by 180,000 barrels per day year-on-year to average 105.72 million barrels per day in 2026. In September, the United Arab Emirates pushed its crude production to more than 4.4 million barrels per day, close to its maximum capacity, the International Energy Agency reported.
Abu Dhabi increased total oil output, including condensates, by 400,000 barrels per day to 5.3 million barrels per day. That was a record, exceeding the previous high for total oil production in August.
Crude production also surpassed the previous record set in June.
The increase came after the UAE’s decision to leave the Organization of the Petroleum Exporting Countries, or OPEC, took effect in May. Leaving the group removed the output caps that had applied to the country.
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The UAE’s rise formed part of a broader increase in regional production. Gulf producers’ flows recovered to more than 75% of pre-war levels in September.
OPEC’s crude output rose by approximately 920,000 barrels per day from the previous month to approximately 25.1 million barrels per day in September.
Saudi Arabia delivered the largest increase among OPEC members, raising output by 744,000 barrels per day to around 8 million barrels per day. Iraq’s production climbed by 386,000 barrels per day to approximately 3.9 million barrels per day.
Across the wider OPEC+ alliance, crude production rose by approximately 903,000 barrels per day in September to an average of 39.07 million barrels per day.
The UAE has been moving oil cargoes through the Strait of Hormuz with a fleet of tankers. Iranian attacks on tankers transiting the waterway have continued in a new wave, while the Houthi rebel faction in Yemen has carried out escalating hostilities.
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