Abu Dhabi National Oil Company

Force in Play

Ruwais and Fujairah refineries remain offline; tanker Barakah struck again August 8 in the Strait of Hormuz with no injuries

The ceasefire draft that leaked in May became real on June 17, when Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding by video call, giving both sides 60 days to reach a final deal. Iran agreed not to build nuclear weapons under the pact. The truce broke on July 13: Iran struck two UAE tankers in Omani waters with cruise missiles, killing an Indian crew member, and the US resumed strikes on Iran and reimposed its naval blockade.

Updated Aug 20

Money Moves

Cleared to lift production toward 5M barrels/day capacity

The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency.

Updated May 31