The UAE lived up to its commitment to ramp up production to meet global energy requirements once the Strait of Hormuz reopened. Oil output rebounded to a six-year high of 3.76mn b/d in June, MEES calculates, despite continued uncertainty over the status of the strait.
The reliability of flows through the strait remain subject to significant security concerns and the near-term production outlook is especially cloudy, with US President Donald Trump declaring the US-Iran MoU dead on 8 July following Iranian attacks on three tankers transiting the strait (MEES, 10 July). (CONTINUED - 490 WORDS)
