Bloomberg Surveillance · Monday, July 13, 2026
A global oil glut is emerging, driven by increased production from the UAE and Iraq. The UAE has significantly ramped up its output and capacity, while Iraq plans to double its production by 2030, with alternative export routes being developed. These factors contribute to a downward trend in oil prices, contrary to earlier Wall Street predictions.
“Well, yes and no. There definitely is an oil glut that is there and emerging, and you can see it in terms of what countries are doing. And we have to remember that the UAE left Opec and Opek plus in the month of May, and they were producing before this war began and exporting, but producing around three point two million barrels a day. They're now producing, or were before this event happened. They were producing over four million barrels a day, they claim, and I believe it's true. They have a capacity of close to five million barrels a day and they've announced they're going to six million a day. And they're not alone.”
“We have today the Iraq Prime Minister arriving in Washington. He announced last week before coming here. In a country that has rich in oil, has multiple ways geographically to export that they're not going to be necessarily dependent on this strait. They already have a pipeline to Turkey, they're looking at reding reinstituting pipelines through Syria into Jordan, into Israel even and their goal from a production of three and a half baby now to seven million a day by twenty thirty. So we've got a lot of oil in the world, and I didn't talk about Argentina, the US, Guyana and the like.”