UAE’s Oil Export Revenues to Fall in 2009

6 July 2009 (Last Updated July 6th, 2009 18:30)

The UAE's crude export revenues are expected to decrease about $46bn this year, down 43% compared with $81bn in 2008, according to The Centre for Global Energy Studies (CGES), Emirates Business 24/7 has reported. Revenues are expected to be less than $58bn revenues in 2007 and $5

The UAE’s crude export revenues are expected to decrease about $46bn this year, down 43% compared with $81bn in 2008, according to The Centre for Global Energy Studies (CGES), Emirates Business 24/7 has reported.

Revenues are expected to be less than $58bn revenues in 2007 and $53bn in 2006, but higher than 2005 revenues, which hit $42bn, and more than double 2003 revenues of $21bn.

The report indicated that the joint income of the Organization of Petroleum Exporting Countries (Opec) would drop by 53% from $854bn in 2008 to $501bn in 2009.

“The forecast for 2009 is based on an average price of Opec’s basket of $60.60 compared with a record $94.20 in 2008… the group’s production is also projected to average 28.6 million bpd this year compared with 32.1 million bpd in 2008,” said CGES’ deputy director Leo Drollas.