The United Arab Emirates (UAE) is to start loading crude for export from outside the Gulf for the first time on July 1, with its new pipeline bypassing the Strait of Hormuz due to pump a million barrels into its Fujairah terminal from Thursday, two industry sources said.

'From 0930 today oil has been received at the main oil terminal in Fujairah,' a source directly involved in the project said.

'One million barrels per day is coming in... the plan is to load the first oil tanker around July 1.'

Another industry source confirmed that oil started flowing into the terminal, which reduces the UAE's reliance on the narrow strait. - Reuters