United Arab Emirates reaps oil revenue windfall

Special to World
Tuesday, July 6, 2004

ABU DHABI 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.

Copyright 2004 East West Services, Inc.

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