UAE oil production increased slightly in May, the first full month since the increasingly fragile US-Iran ceasefire was announced on 7 April (MEES, 10 April). The country’s oil sector remains highly constrained by the closure of the Strait of Hormuz, but the situation has stabilized and production edged up by 110,000 b/d last month to 2.13mn b/d.
This represents the second consecutive monthly increase after production bottomed out at 1.92mn b/d in March when the conflict was at its most intense, but remains well down on pre-conflict levels of 3.39mn b/d. Production is now underpinned by the 1.8mn b/d Adcop pipeline that brings Murban crude oil from the Habshan processing complex to the Indian Ocean export terminal of Fujairah. (CONTINUED – 820 WORDS)
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