00:00The OPEC-plus ministerial meeting on June 7th marks the beginning of a new chapter for the Oil Producer Alliance.
00:06After years of pushing against production limits, the United Arab Emirates left the cartel in a surprise move last month.
00:13It was the third largest OPEC contributor, accounting for 3% of global crude supply.
00:19The exit opens a possibility for the nation to get its money's worth from recent oil field expansions.
00:26State energy company Adnok is on track to raise production capacity to 5 million barrels a day by next year,
00:33up from 3 million barrels a day back in 2018.
00:38But today, producing more oil is only a part of the equation.
00:43The ongoing crisis in the Strait of Hormuz has highlighted that easily getting those barrels to market can no longer
00:49be taken for granted.
00:50That's why Adnok is also accelerating an expansion of its Fajera pipeline, which runs to the Gulf of Oman, bypassing
00:59the choke point.
01:00The route already carries up to 1.5 million barrels a day and has proved to be a lifeline during
01:06the Iran war.
01:07By next year, the project will roughly double that capacity.
01:11Regional rival Saudi Arabia is also expanding alternative export routes, underscoring a wider Gulf effort to ensure that billions of
01:19dollars of production growth translate into profitable exports.
01:23It's a new reality that OPEC cannot ignore.
01:27No longer just about how much crude can be produced, but how much of it can actually be delivered.
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