The UAE’s crude oil production increased by 50,000 b/d last month to 3.81mn b/d, as it continued to lead the way in sending oil tankers through the Strait of Hormuz. Production was only just shy of April 2020’s record 3.91mn b/d, and if a preliminary deal is reached to re-open the Strait of Hormuz this month, output could hit 4mn b/d for the first time.
The UAE pioneered the ‘shuttle’ system, whereby producers load crude onto vessels inside the Gulf and send them through the strait to deliver volumes to buyers through ship-to-ship transfers (STS) offshore Fujairah and Sohar. (CONTINUED - 350 WORDS)
