UAE becomes third largest oil exporter |
|
Steady capacity expansions have turned the UAE into the third largest oil exporter in the world although it lags behind in production capacity.Estimates by the International Monetary Fund (IMF) and official US sources showed the UAE was the third largest oil exporter in 2006 and was expected to have maintained that position in 2007.
UAE's exports stood at around 2.564 million barrels per day (bpd) in 2006 and were projected to have risen to 2.6 million bpd in 2007.
The UAE was third after Saudi Arabia, which exported around 8.5 million bpd in 2006, and Russia, with exports of nearly 6.75 million bpd, the figures showed.
In its country energy analysis, the Energy Information Administration (EIA) of the US Department of Energy ranked Norway the fourth largest oil exporter in 2006, with around 2.55 million bpd, followed by Iran, with 2.48 million bpd.The EIA gave no figures for 2007 but IMF estimates showed the UAE remained the world's third largest oil exporter, with around 2.6 million bpd. It expected the level to climb to nearly 2.7 million bpd in 2008.
Saudi Arabia was expected to have exported 6.4 million bpd last year and 6.3 million bpd this year, while Iran's oil exports were put at nearly 2.5 million bpd last year and were projected at the same level this year.
Kuwait's oil exports were expected to remain unchanged at 1.6 million bpd in 2007 and 2008, while Libya's exports would be equivalent to Kuwait.
In terms of production capacity, the UAE ranked eighth, with output of around 2.94 million bpd at the end of 2006.
Saudi Arabia was number one with around 10.6 million bpd followed by Russia, which had a capacity of nearly 9.67 million bpd. Output was estimated at 8.33 million by the United States, 4.1 million bpd by Iran, 3.8 million bpd by China, 3.7 million bpd by Mexico and 3.2 million bpd by Canada.
Industry experts said the UAE was far ahead of major producers as Iran, the United States and China given its relatively small domestic consumption.
In terms of proven crude reserves, Saudi Arabia was on the top of the list, followed by Iran, Iraq, Kuwait and the UAE.
By Nadim Kawach
© Emirates Business 24/7 2008
Community Comments (0) - 
Comment on this article 
Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
Loading ...
Zawya Comment Policy:
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Community Buzz
Stories
Companies
Most viewed companies by Community in the last 24 hrs
| Company Name | Country | Industry |
| Nakheel | UAE | Landlords and Developers |
| Aabar Investments | UAE | Investment Companies - Oil and Gas |
| Abu Dhabi Investment Council | UAE | Investment Firms and Funds |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Barwa Real Estate Company | Qatar | Landlords and Developers |
| Dubai Islamic Bank | UAE | Banking |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Jebel Ali Free Zone | UAE | Properties and Zones |
| Al Hilal Bank | UAE | Banking |
Projects
Most viewed projects by Community in the last 24 hrs
| Project Name | Country | Sector |
| Dubai RTA - Dubai Metro - Purple Line | UAE | Infrastructure |
| Emirates Aluminium (EMAL) - Smelter Complex | UAE | Industry |
| Qatar Foundation - Sidra Hospital | Qatar | Real Estate |
| IPIC - Abu Dhabi Crude Oil Pipeline (ADCOP) | UAE | Oil and Gas |
| Abu Dhabi Municipality - Salam Street and Mina Road Development | UAE | Infrastructure |
| KNPC - Al Zour Refinery | Kuwait | Oil and Gas |
| Qatalum Aluminum Smelter | Qatar | Industry |
| Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Nakheel - Dubai Waterfront | UAE | Real Estate |
| ADCO - SAS Field Development | UAE | Oil and Gas |
