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29 March 2024

UAE oil income put at $48bn in H1

Published
By Staff

The UAE earned around $48 billion from oil exports in the first half of 2013 after netting its highest income in 2012 because of strong oil prices and high crude output.

Figures by the Energy Information Administration (EIA) of the US Department of Energy showed the UAE’s oil export earnings hit a record high of $100 billion in 2012, more than 10 per cent of Opec’s total income of nearly $982 billion.

The figures showed the UAE was the second largest earner in the 12-nation Organisation of Petroleum Exporting Countries after Saudi Arabia in the first half of 2013 and in 2012 although it far lagged behind Iran in crude production.

Saudi Arabia, the world’s dominant oil exporter, earned around $142 billion in the first half of 2013 and a record high of $311 billion in 2012, nearly a third of Opec’s income.

Iran’s income was put at $98 billion in 2011 but EIA gave no figures for 2012 and 2013, citing what it described as difficulties associated with estimating the country’s earnings.

In the first half of 2013, the income was estimated at $44 billion for Kuwait, $43 billion for Iraq, $42 billion for Nigeria, $33 billion for Angola, $30 billion for Venezuela, $29 billion for Algeria, $26 billion for Qatar, $24 billion for Libya and $five billion for Ecuador.

EIA estimated Opec’s combined income in 2012 at $982 billion, excluding Iran, and around $466 billion in the first half of 2013.

It projected the cartel’s earnings to fall to about $940 billion in 2013 and nearly $903 billion in 2014 due to an expected drop in crude prices.

EIA’s data showed Opec’s 10-year oil export earnings for 2005-2014 could reach a whopping $7,991 billion.