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Abu Dhabi: The UAE's oil export revenues are set for a quantum jump this year on the back of soaring prices for Abu Dhabi crude grades.
The official selling price of Abu Dhabi's Murban crude jumped 83.85 per cent in the year to May to $125.75 in line with the surge in international prices, data from the Abu Dhabi National Oil Company (Adnoc) show.
During the same month, the prices of other grades of Adnoc crude jumped as well: Lower Zakum by 83.56 per cent year-on-year to $125.65, Umm Shaif 83.93 per cent to $124.80 and Upper Zakum 87.67 per cent to $120.20, according to the data.
Abu Dhabi's production accounts for nearly 94 per cent of the UAE's output.
If the average price of oil on global markets is estimated at $100 per barrel this year and average crude exports by the UAE for the year are estimated at 2.5 million barrels per day, the country will net in excess of $91 billion in export revenues this year.
Global oil prices have remained above $100 a barrel since January and are climbing steadily. Crude oil futures on the New York Mercantile Exchange surged to a record-high of $135.09 a barrel on May 22.
According to recent estimates by McKinsey & Company, Abu Dhabi is likely to accumulate an investible surplus of $800 billion by 2020 due to massive inflows of oil revenues.
Of the $2 trillion investible surplus flowing to the six GCC countries, $800 billion will come to Abu Dhabi. This is based on an estimated average price of $50 per barrel between 2005 and 2020.
Abu Dhabi has planned investments of more than $20 billion to boost its oil and natural gas output.
According to estimates, Abu Dhabi's oil production would rise from around 2.6 million barrels per day to about 3.5 million barrels per day by 2011.
At present, oil is being produced at only 18 of 67 potentially known fields in the UAE.
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