"More measured spending has helped to bring down the Abu Dhabi Government's fiscal oil break-even price to US$95 per barrel this year, estimates Bank of America Merrill Lynch.
It follows a jump from $33 per barrel in 2007 to $121 in 2009 as the Abu Dhabi Government extended cash support to help debt-ridden Dubai, the bank said in a report released yesterday.
"Gradual fiscal consolidation though on-budget capital expenditure rationalisation and normalisation of support extended in the emirate has been bringing down the Abu Dhabi central government fiscal oil break-even price to below $100 per barrel," Jean-Michel Saliba, an economist covering Eastern Europe, Middle East and Africa at BAML wrote in the report."
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