Gulf oil exports jump in June on record UAE flows
Gulf oil exports rose over 3 million barrels per day in June to exceed 10 million bpd, led by a record 3.7–3.8 million bpd from the UAE, though still 40% below pre-war levels. Combined exports from Saudi Arabia, UAE, Kuwait, Iraq and Iran reached 10.07 million bpd, up from 7 million in May, with floating storage in the Strait of Hormuz falling from 96 million to 23 million barrels. The increase followed a June 17 U.S.-Iran agreement to restore shipping through the strait.
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The 10.07 mbpd Gulf export figure confirms the model–oil diplomacy calculus: post-June 17 détente in Hormuz allowed Saudi/UAE/Kuwait to lift volumes and draw down floating storage (23 mb vs 96 mb in May), yet the 40 % gap to pre-war peaks shows capacity remains partly constrained by field-level spare capacity and OPEC+ quotas; the upside is real, but incremental until Iran’s own barrels re-enter markets or upstream bottlenecks ease.