International Energy Agency: UAE Expected to Become Major Non-OPEC+ Supplier Next Year

The Paris-based institution expects the country’s oil production to increase by 730,000 barrels per day, reaching 5.2 million barrels per day. The International Energy Agency stated: “With the withdrawal from OPEC+ and associated quota restrictions, future production is expected to be closer to operational capacity.” “The UAE’s abundant domestic resources and rapidly developing export capabilities enable the country to effectively increase output until 2027, without relying on agreements regarding the opening of the Strait of Hormuz.”