UAE Oil Production Fully Restored to Pre-War Levels, Says Fitch

Fitch Ratings has confirmed that oil production in the UAE has fully returned to pre-war levels. This comes at a time when Middle East supplies are expected to recover quickly once the situation stabilizes.

The agency expects the global oil market to return to oversupply starting next September, due to increased shipments crossing the Strait of Hormuz during its temporary reopening in June, as well as comfortable inventory levels and expectations of rapid recovery in production in the Middle East.

Fitch also stated that their basic assumption for the average price of Brent crude is at $87 per barrel in 2026, with risks pushing prices lower compared to this estimate due to a large margin of safety in price assumptions.