UAE oil exports hit record high in 2012

oilUAE-danisimmonds sxc optIIF expects GDP to hit a record of around US$393 billion this year. (Image source: Dani Simmonds/sxc.hu)Strong oil prices, along with higher output, boosted the UAE’s export revenues to its highest income generation to date of US$125bn in 2012

The figure is five per cent higher than the previous yearly record revenue of US$119bn in 2011 and more than double the earnings in 2005 of about US$55bn, according to a report by the Washington-based Institute for International Finance (IIF).

The report, however, added that an expected fall in prices would depress the UAE’s oil export income to around US$122bn in 2013.

Crude and natural gas liquids production across the emirates would remain at around 2.68 million bpd in 2013.

The report noted that oil sector’s higher earnings, together with expansion in some non-oil sector, boosted the UAE’s GDP by 6.5 per cent to US$375bn in 2012 from US$352bn in 2011. IIF said it expected the GDP to hit a record of around US$393bn this year and continue its climb to US$410bn in 2014.

The figures also showed oil exports of Saudi Arabia hit a record US$351.2bn in 2012, but projected that the revenues would to fall back to US$342bn in 2013.

Last year’s estimated oil exports earnings were US$101.9bn in Qatar, US$100bn in Kuwait, US$36bn in Oman and US$17bn in Bahrain.

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