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As the seventh largest petroleum producer in the world, the United Arab Emirates UAE economy has long been coupled with the ebbs and flows of the hydrocarbon industry.
The plummeting global oil prices has thus affected the oil-rich nation, forcing the country to curb spending, oil companies to downsize, and prioritize and scale back projects. With the oil and gas industry in dire straits, UAE has taken steps to diversify its economy to cushion and remain resilient in face of sustained lower oil prices. Production With the proved oil reserves ranked seventh globally, the UAE is a major oil producer and exporter.
In January of , UAE produced 3. Oil production for February of was 2. January and February average was 2. Some of UAE crude oil streams includes Murban, a lightweight and sweet low sulfur crude oil, and Das, a blend of two existing streams, Umm Shaif and lower Zakum crude oil streams.
The oil rich nation plans to increase crude oil production to 3. According to the U. Africa and other countries imports accounts for the rest of the import. Despite being an exporter of crude oil, the UAE domestic market imports petroleum product imports namely residual fuel oil, motor gasoline, and diesel fuel. By , crude oil production is expected to amount 3. With a current production rate of , bpd, the field is undergoing expansion work to increase production to , bpd by and eventually 1 million bpd by Each of emirates is responsible for regulating the oil industry, creating production sharing agreements PSAs , and service contracts within its own borders.
In , Adma which currently produces , bpd, is up for renewal. A massive number of projects have been pushed back, possibly crimping future supply as the global oil market, including UAE, is moving towards balancing their budget and cutting expenses.
In an effort to boost oil prices and get rid of supply glut, OPEC has curtailed its oil production by 1. A Complete Profile - Expected Growth By , crude oil production is expected to amount 3.