Higher oil prices allied with an increase in supplies to boost the UAE’s crude export earnings by nearly 30 per cent to around $74 billion in 2010 while those of OPEC leaped by about $160 billion, according to official data.
From around $57.5 billion in 2009, the UAE’s oil export revenue surged to nearly $74.02 billion in 2010, their second highest level after the peak earnings of $102 billion in 2008, the 12-nation Organization of Petroleum Exporting Countries said in its 2010-2011 annual report released recently.
The increase was a result of higher oil prices, which swelled by nearly $15 above their $60 a barrel level in 2009. The UAE’s crude production also rose to around 2.32 million barrels per day from 2.17 million bpd in the same period, allowing the UAE to maintain its position as the second largest earner in OPEC.
No comments:
Post a Comment