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Modi Locks 30M-Barrel UAE Storage, Pipeline, Output Rise
5/16/2026
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Modi Secures Storage
- India’s Prime Minister Narendra Modi met UAE, securing storage for 30 million barrels of crude in Fujairah, citing price spikes.
- United Arab Emirates is fast-tracking a Fujairah oil pipeline that would double export capacity and cut Strait of Hormuz reliance.
- Iran announced it will permit Chinese vessels to transit the Strait of Hormuz under protocols.
- UAE’s OPEC exit lets Abu Dhabi boost output despite regional tensions and recent energy attacks.
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