UAE crude output nears record following OPEC exit, sources says

The UAE increased crude production to near record levels above 3.8 million bpd in June after leaving OPEC to avoid production caps, according to sources. This incremental supply lift is likely to pressure oil prices and heighten bearish sentiment toward the crude complex as OPEC discipline weakens.

Analysis

The UAE increased crude production to near record levels above 3.8 million bpd in June after leaving OPEC to avoid production caps, according to sources. This incremental supply lift is likely to pressure oil prices and heighten bearish sentiment toward the crude complex as OPEC discipline weakens.