UAE becomes third largest oil exporter |
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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
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