UAE: UAE oil output now to rise more quickly in 2025
Latest reading: Brent crude oil prices averaged USD 75.15 per barrel in February, down 3.9% from January.
Turning to production, in January, UAE oil output rose to 2.95 mbpd (million barrels per day) from December’s 2.93 mbpd. Nonetheless, UAE oil output remained at one of the lowest levels since late 2021.
Outlook: UAE oil output is expected to hold largely steady until April, when OPEC+ begins easing limits and raises the country’s quota by 0.3 mbpd over 18 months—following a 0.2 mbpd boost last year. This should push UAE output to record levels in 2025. A further boost came from the recent announcement by the UAE and seven other OPEC+ producers that they would accelerate output hikes ahead, with the UAE’s quota to rise to 3.015 mbpd in May.
Looking ahead, production is set to climb further, with the national oil firm targeting 5.00 mbpd by 2027, up from 4.85 mbpd today.