Report: UAE's crude oil production nears historic highs after exiting OPEC

Previously, in order to break free from production limits, the country officially withdrew from the Organization of the Petroleum Exporting Countries (OPEC). Estimates show that production in June reached its highest level since April 2020, exceeding output before the Iran conflict broke out. This also serves as an early confirmation of the United Arab Emirates' decision to leave OPEC and “OPEC+” on May 1st, aiming to allow its production to escape quota restrictions.