The UAE’s hydrocarbon export earnings are expected to climb to their highest ever level of more than $122 billion in 2012 because of high production and prices, said the IMF.
IMF expects country’s output at 2.6 mbpd and crude prices at record $122 bn. The UAE pumped around 2.6 million barrels per day of crude in 2011 and output is projected to remain unchanged in 2012, it said. Global crude prices could climb to a record high average of about $119.7 a barrel this year to break a previous record of $109.6 in 2011.
This high price range will lift the country’s oil and gas export revenues to nearly $122.1 billion in 2012 compared with $111.6 billion in 2011.
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