The United Arab Emirates (UAE), currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining the oil market’s faith in the group’s unity in the cuts. According to tanker tracking data Bloomberg has compiled from several oil flow tracking firms, the UAE shipped more oil in August than it produced, and its production itself breached the limit set in the OPEC+ deal. The UAE, which has so far followed Saudi Arabia’s lead to ‘lead by example’ and stick to the cuts, increased its oil production in August to above its quota as per the OPEC+ deal. Crude oil production in the UAE averaged 2.693 million barrels per day (bpd) in August. This is some 100,000 bpd above the country’s production ceiling under the OPEC+ pact—2.59 million bpd. The key reason for […]