ADNOC Defies Iran War with Boosted Oil Output

Despite the ongoing Iran war, Abu Dhabi's state oil company ADNOC has been able to boost its oil output thanks to its strategic location and defensive capabilities. The UAE's exit from OPEC in May has also played a role in this success.

In June, the UAE exported around 3.8 million barrels per day, with some of its tankers managing to pass through the Strait of Hormuz despite Iranian attacks. ADNOC is expanding a pipeline to Fujairah that bypasses the strait, further increasing its ability to maintain oil flows.

The human cost has been high: 23 of ADNOC's ships have been attacked by Iran, resulting in one fatality and approximately 20 injuries. However, these vessels have also carried Iraqi crude, providing a cushion for global oil markets.