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FINANCIAL NEWS
UAE’s 2012 oil revenues to jump to USD122.1b: IMF
11 Apr 2012
(MENAFN) The International Monetary Fund (IMF) said that the UAE’s revenues from oil and gas exports in 2012 are forecasted to jump to USD122.1 billion, recording their highest level ever, reported Emirates 24/7.
The IMF added that during the year, the country is expected to produce about 2.6 million barrels per day (bpd), unchanged from 2011, however, oil prices in 2012 are forecasted to grow to a record high average of nearly USD119.7 a barrel from USD109.6 a barrel last year.
It also said that the country’s income surged by nearly 38 percent in 2011 from almost USD75 billion in 2010, due to high oil prices, moreover, the increase in the UAE’s hydrocarbon export income boosted its nominal gross domestic product (GDP) by nearly 20.8 percent to USD360 billion in 2011 from USD298 billion a year earlier.
It is worth noting that in 2011, the UAE’s revenues from oil and gas exports reached USD111.6 billion.
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