The United Arab Emirates (UAE) is preparing to boost its oil production by approximately 60% compared to levels before the regional crisis, in a bid to recover the losses incurred by the energy sector during the conflict, according to a source in the oil industry.
The source told "Novosti" that the UAE is working to elevate its production to higher levels in the coming period, explaining that the expected increase might reach up to 60% compared to pre-crisis production.
Earlier, "Reuters" reported, citing two informed sources, that UAE production in June rose to about 3.8 million barrels per day, approaching a record high, following its exit from the Organization of the Petroleum Exporting Countries (OPEC).
According to the agency's estimates, UAE production in June reached its highest level since April 2020, surpassing production levels prior to the escalation of military tensions in the region.
Gulf countries had reduced their oil production since last March due to security and military developments, alongside disruptions in energy shipments because of restrictions affecting navigation in the Strait of Hormuz, impacting global oil markets in recent months.