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UAE Exports Rise for the First Time since January: Bloomberg

OIL
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Crude and condensate shipments from the UAE ticked up in May after falling for the previous three months, according to Bloomberg.

  • Total observed exports rose to 3.47m b/d in May, up from 3.46m b/d in April.
  • May shipments were up by 0.8% compared to May 2023.
  • Following a meeting of OPEC+ oil ministers on Sunday, the group agreed to extend its output targets to the end of 2025, with a small raise in output to be phased in next year.
  • Japan is the largest buyer of crude from the UAE, with 796k b/d of UAE exports headed for Japan in May. This is down 127k b/d on the month.

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Crude and condensate shipments from the UAE ticked up in May after falling for the previous three months, according to Bloomberg.

  • Total observed exports rose to 3.47m b/d in May, up from 3.46m b/d in April.
  • May shipments were up by 0.8% compared to May 2023.
  • Following a meeting of OPEC+ oil ministers on Sunday, the group agreed to extend its output targets to the end of 2025, with a small raise in output to be phased in next year.
  • Japan is the largest buyer of crude from the UAE, with 796k b/d of UAE exports headed for Japan in May. This is down 127k b/d on the month.

Keep reading...Show less