UAE oil revenues to exceed $100bn in '08

RECORD REVENUES: UAE oil sales could exceed $100 billion this year. (Getty Images)

The official selling price of Abu Dhabi crude oil grades from January to June this year averaged $108.32 per barrel, a 73.6 percent rise on the year in line with soaring global oil prices.

If the price momentum of the first-half of 2008 persists in the second half, the UAE’s oil export revenues are expected to exceed a record $100 billion mark in 2008, UAE daily Gulf News reported on Sunday.

Oil prices reached record highs in July, despite Saudi Arabia pledging to pump more oil into the market to dispel fears of a supply shortfall.

The UAE’s oil reserves are predicted to last 92 years at current production levels, according to latest estimates.

The country’s sustainable crude production capacity could rise 9.1 percent to 3.11 million barrels per day (bpd) by 2013. At present, oil is being produced at only 18 of the 67 potentially known fields in the UAE.

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