Business | Oil & Gas
UAE's oil will last 92 years at current production levels
The UAE's oil would last 92 years at current production levels, latest estimates of global energy major, BP, show.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:29 July 11, 2008
- The UAE's crude output on average rose 1.53 per cent to 2.66 million barrels per day for the quarter ended June.
- Image Credit: Supplied picture
Abu Dhabi: The UAE's oil would last 92 years at current production levels, latest estimates of global energy major, BP, show.
The 2008 BP Statistical Review of World Energy said the UAE's proven oil reserves of 97.8 billion barrels make up 7.9 per cent of the world's total reserves.
Officials at the UAE's Ministry of Energy were not immediately available for comment.
The UAE's crude oil output on average rose 1.53 per cent to 2.66 million barrels per day (bpd) for the quarter ended June as compared with the January-March quarter, latest data by the International Energy Agency (IEA) show.
"The non-Opec oil production is decreasing. As this happens, more and more of the world's oil requirements would be Opec sourced - particularly Gulf. This should be good news as long as prices don't get very much higher than the current levels," Dalton Garis, associate professor of economics at the Petroleum Institute in Abu Dhabi, told Gulf News.
"The higher the price of oil, the greater the political will and attitude adjustment on the part of oil consuming nations who are sitting on a mountain of coal to develop oil from coal," said Garis.
The Middle East's proven oil reserves stood at 755 billion barrels, or 61 per cent of the world's total, while the global proven oil reserves amounted to 1.24 trillion barrels, said BP.
The UAE's oil consumption rose 7.7 per cent on the year to 450,000 barrels per day in 2007, one of the highest growth rates in the Middle East, BP said.
Share this article
Related Articles
-
Oil price makes huge one day gain
Oil price rises after Iran fears
-
UAE's crude output rises to 2.66m bpd
UAE's crude output rises to 2.66m bpd
More from Oil & Gas
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong
