UAE oil consumption grew 7.7% in 2007, says BP

The UAE posted one of the Middle East's highest oil consumption growth rates in 2007, according to a new report.

The 7.7 per cent increase to 450,000 barrels per day (bpd) – significantly above the 10-year average – reflects the country's continued strong economic growth, says the 2008 BP Statistical Review of World Energy. The jump mirrors a worldwide trend of rising demand from emerging markets.

The UAE was the GCC's second largest oil producer in 2007, with output averaging 2.9 million bpd – equivalent to 3.5 per cent of total global production. The country's proved oil reserves of 97.8 billion barrels make up 7.9 per cent of the world's total and at current production levels will last 92 years.

On a regional level, Middle East oil production fell by 1.8 per cent to 25.2 million bpd on the back of Opec (Organisation of the Petroleum Exporting Countries) cutbacks in late 2006 and early 2007.

"This year's review shows the world's energy markets continue to deliver reliable energy supplies despite high and volatile energy prices," said Mark Finley, General Manager, BP Global Energy Markets and US Economics.

"Continued weakness in oil supply and increasing emerging market demand highlight the challenges the industry faces in maintaining secure energy supplies."



The numbers

2.9
In million bpd was the average oil output of the UAE in 2007


1.8%
Fall in Middle East oil production