ABU DHABI ø The United Arab Emirates reports a record windfall from
the increase in crude oil prices.
The UAE earned more than $22 billion from crude oil exports in 2003 on
the basis of the price of oil exceeding $28 a barrel. The windfall, a 32
percent increase from revenues in 2002, was also attributed to a high oil
output by the emirates.
UAE Planning Minister said in a forward to an official report that UAE's
crude oil sales reached a record high of 81.2 billion dirhams, or $22.1
billion. The figure in 2002 was $16.6 billion.
Officials said they expect the UAE oil revenue for 2004 to reach $25
billion, based on a price of more than $30 a barrel. UAE oil production was
expected to average at more than 2.2 million barrels per day.