UAE oil income soars 30% in 2010

Oil price surge of $16 a barrel boosted Arab revenue by $98bn

A surge in crude prices boosted the UAE’s oil export earnings by nearly 30 per cent to more than $57 billion in 2010 but the income remained way below the 2008 record earnings, according to official data.

Oil prices surged by nearly $16 to $77.4 a barrel in 2010 from around $61 in 2009 but the combined Arab crude output edged up slightly to about 21.21 million barrels per day from 21.12 million bpd in the same period, showed the figures by the Kuwaiti-based Organization of Arab Petroleum Exporting Countries (OAPEC), which groups the UAE and nine other Arab oil producers.

Higher prices boosted the UAE’s income to nearly $57.9 billion last year from around $44.7 billion in 2009, an increase of about 30 per cent.

But last year’s income remained far lower than the record crude oil export earnings of about $80.6 billion in 2008, when oil prices climbed to an all time average of around $94.4 a barrel.

High oil prices last year benefited all OAPEC members, with Saudi Arabia’s revenue swelling to $184.4 billion from $144.2 billion and those of Kuwait to $53 billion from around $41.8 billion, OAPEC said.

The revenue grew to around $20.5 billion from $16.1 billion in Qatar, $54.2 billion from $43.8 billion in conflict-battered Iraq, to $4.6 billion from $3.2 billion in Bahrain, which is not an OPEC member.

Outside the Gulf, the oil income surged to $38.7 billion from $29.4 billion in Libya, to 28 billion from $21.4 billion in Algeria, to about $2.59 billion from $2.16 billion in Egypt and to nearly $6.6 billion from $5.4 billion in Syria.

The report showed total Arab oil export revenue leaped to $450.9 billion in 2010 from $352.8 billion in 2009 but remained much below the record high income of around $585.3 billion achieved in 2008.

In real prices, taking into consideration inflation and changing dollar value, the Arab oil export earnings stood at $352 billion in 2010 and around $278 billion in 2009. In 2008, they were still at their highest level of $465 billion.

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