Business | Oil & Gas
Oil revenues will rise
The UAE can produce up to 2.9 million barrels of oil per day, but maintenance requirements reduced the produce to about 2.6 million barrels per day recently.
- By Ahmed A. Elewa, Senior Reporter
- Published: 00:38 March 20, 2008
Abu Dhabi: The UAE can produce up to 2.9 million barrels of oil per day, but maintenance requirements reduced the produce to about 2.6 million barrels per day recently.
"Maintenance will be an ongoing process, reducing production by about 20 per cent. But the average price will be close to $100 per barrel, and it means roughly $95 billion of revenues," said Dalton H. Garis, associate professor at Adnoc's Petroleum Institute.
The weakening dollar and increasing demand from emerging markets are expected to ensure higher oil prices throughout the year. "The US slowdown will not result in reducing the demand, but rather stop it from growing for the coming six to nine months, while emerging markets will ensure that the prices will continue to rise," Garis said.
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