UAE, Saudi Arabia Boost Oil Exports Amid Middle East Tensions

The United Arab Emirates and Saudi Arabia are increasing their oil exports in response to growing concerns about potential disruptions to Middle East energy supplies due to heightened tensions between the United States and Iran.

According to sources familiar with the energy market, Abu Dhabi plans to increase exports of its flagship Murban crude oil in April. In line with this, the Abu Dhabi National Oil Company (ADNOC) has offered a larger volume of production from its onshore fields to its trading partners. This decision indicates that the leading Middle Eastern exporters are preparing to compensate for any potential shortages in the event of military conflicts in the region.

Saudi Arabia, as the largest OPEC producer, has also increased its production and exports as part of a contingency plan. According to informed sources, Riyadh is pursuing a plan similar to last year, when, with escalating tensions between Washington and Tehran, Saudi Arabia increased its daily exports by about half a million barrels and sent more oil to overseas storage facilities.

Economic analysts believe that the fear of the conflict spreading to the Strait of Hormuz and disrupting energy transit has imposed a geopolitical risk premium on prices. Oil prices on Friday surpassed $72 a barrel, reaching their highest level since July.

Global markets are now focused on Sunday's meeting of key members of the OPEC Plus coalition to assess the new decisions of Riyadh and Abu Dhabi regarding crisis management and market regulation.