ABiQ outlines how global economies depend on the United Arab Emirates (UAE) oil fields.
The UAE is made up of seven emirates, including: Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al-Khaimah, Sharjah and Umm Al-Quwain. With a population of over 9.5 million people, the region covers an area of about 84 thousand square kilometres. The capital of the UAE, Abu Dhabi, is home to more than 1 million people.
Before the discovery of oil in the 1960s, Abu Dhabi was a relatively poor fishing village, located on the edge of the desert. Today, Abu Dubai is an economic powerhouse, boasting some of the world’s largest construction projects. The UAE has flourished into an infrastructure rich country, renowned for its high standard of living.
UAE oil production
The United Arab Emirates (UAE) is among the top 10 of the world’s largest oil producers, responsible for the production of around 3 million barrels per day.
Abu Dhabi National Oil Company (ADNOC) is currently the largest producer of oil in the country. ADNOC expects to reach roughly 5 million barrels of maximum production capacity by 2030.
The UAE relies heavily on profits from oil and gas exports. Oil and gas exports account for a great majority of UAE government revenue.
Who imports oil from the UAE?
The UAE exports crude petroleum products to various countries around the world. The main importers of petroleum products from the UAE include Japan, China, India, Thailand and South Korea.
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