FINANCIAL NEWS

UAE oil reserves to drop by 5.8b barrels by 2016

12 Mar 2012

(MENAFN) Business Monitor International (BMI) said that as a result of growing production, by 2016, the UAE proven oil reserves would drop by 5.8 billion barrels from 96.8 billion barrels in 2011, reported Emirates 24/7.

The company added that in the period, oil output would grow by more than 3.2 million barrels per day (bpd) and to around 3.5 million bpd by 2021.

Moreover, UAE’s gas reserves are expected to decline from 6 trillion cubic meters (tcm) in 2011 to nearly 5.8 tcm by 2016.

It is worth noting that over the past few months, global oil demand has been slowing down sharply, according to BMI, which added that in the last quarter of 2011; global oil demand didn’t grow, led by decreases in Europe and North America.

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