The value of United Arab Emirates’ crude oil exports rose 11.3% in 2006 to a record 178 billion dirhams (US $48.5 billion), according to data from the economy ministry.
The rise in international oil prices in the five years to July has driven economic growth in the UAE, where GDP expanded 8.9% last year. Data also indicated that the value of last year’s oil exports was almost three times as high as the figure for 2002.
Predictions from the National Bank of Abu Dhabi (NBAD) expect economic growth to slow to 7% in 2007, as oil prices fall off last year’s record highs. NBAD also expects the average price for benchmark Dubai spot crude to remain around US $55 per barrel in 2007, down from US $60 in 2006.
Follow us on
