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OIL
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.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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