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Abu Dhabi: The official selling price of Abu Dhabi crude grades averaged $132.28 per barrel in June in line with soaring global oil prices and 6.59 per cent higher than May's average price of $124.1 a barrel, data from the Abu Dhabi National Oil Company (Adnoc) show.
The price of Adnoc's most popular crude oil grade, Murban, rose 6.56 per cent on the month in June to $134.
During the same month, the price of other Adnoc crude grades jumped as well from the previous month. Lower Zakum increased to $133.90 a barrel from $125.65, Umm Shaif to $133 from $124.80 and Upper Zakum to $128.20 from $120.20 a barrel, according to the Adnoc data.
Abu Dhabi's production accounts for nearly 94 per cent of the UAE's crude oil output. The UAE's current oil output is about 2.65 million barrels per day (bpd).
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 bpd, the country will net in excess of $91 billion in export revenues this year.
Sky-high
Global oil prices have remained above $100 a barrel since January this year and are climbing steadily, mainly due to the dollar's weakness, market speculation and geopolitical tensions. Crude oil futures on the New York Mercantile Exchange surged to an all time record-high of $147.09 a barrel yesterday.
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.
Investments
Abu Dhabi has planned investments of more than $20 billion to boost its oil and natural gas output.
According to the latest estimates of the Paris-based International Energy Agency (IEA), the UAE's crude oil production capacity is expected to reach 3.1 million bpd in 2013, a rise of 10.71 per cent over the 2.8 million bpd, currently.
In its Medium Term Oil Market Report, the IEA, which advises 27 industrialised nations of the world on energy policy, said that the UAE's original official target of 3.5 million bpd is "now seen in industry circles as possible by 2019 at the earliest."
At present, oil is being produced at only 18 of 67 potentially known fields in the UAE.
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