The UAE and Global Oil Supply
With nearly 10 percent of the total world supply of proven crude oil reserves, the UAE is an important provider to global energy markets. As a mainstay to the economy, oil exports now account for about 30 percent of total UAE gross domestic product.In addition to being an important supplier of energy, the UAE is now becoming an increasingly relevant consumer of energy. The UAE will continue its long tradition of responsible energy stewardship as it develops and diversifies its economy, accelerates the development of additional hydrocarbon reserves and contributes to the development and implementation of alternative energy sources.
Crude Oil Production Up 31 Percent Since 2002
The UAE continues to significantly increase its production to supply the global energy markets. While some OPEC nations and many non-OPEC nations have seen production declines over the last five years, the UAE has increased its total production of crude oil by approximately 31 percent. In no year during that period has average annual production fallen below the previous year.Source : http://www.uae-embassy.org/uae/energy/global-oil-supply
