The UAE followed Saudi Arabia's decline in December's increase in flagship crude oil, Middle East crude oil exports resumed, and oil-producing countries competed for market share. According to traders, Abu Dhabi National Petroleum Corporation drastically lowered the daily volume of Murbane crude oil by more than 60% to 4 US dollars/barrel; the official sales price of the remaining major oils in December was also lowered compared to November. The decline was even higher than that of Saudi Aramco last week. Middle Eastern crude oil exports have recovered to pre-war levels in Iran, suppressing international oil prices. On the one hand, oil-producing countries use oil tankers to sail through the Strait of Hormuz, and on the other hand, they use pipeline capacity to bypass this dangerous waterway. Combined with the US-Iran conflict, there is an expectation of easing, putting further downward pressure on oil prices. London Brent crude oil fell below $90 per barrel on Tuesday for the first time since August.

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