São Paulo – Oil production in the United Arab Emirates should increase by 38.2% up until 2019, compared with the volume extracted last year. The rate translates into an increase of 3.8 million barrels per day during the period. In turn, domestic consumption in the country is forecasted to grow 39% by the end of the decade.
The forecasts were taken from the “United Arab Emirates Oil & Gas Report Q1 2010,” produced by the British consultancy firm Business Monitor International.
The report also points out that the Emirates should account for 4.35% of the regional demand for oil in the Middle East by 2014, and supply 11.35% of all the oil in the region by then. The report also states that Iraq is the country with the strongest potential for expanding production, followed by Qatar.
With regard to the price of the barrel of oil for 2010, the report forecasts a recovery to US$ 83.00, US$ 85.00 in 2011 and US$ 90.00 in 2012.
As for gas production, the report estimates that it may reach 85 billion cubic metres (bcm) in 2014, whereas consumption is expected to increase from 58 bcm to 80 bcm by the end of the period, enabling net exports of approximately 5 bcm.
In 2009, the United Arab Emirates accounted for 12.6% of natural gas production in the region. According to the report, by 2014 the rate should increase to 13.02%, whereas the country should consume 14.63% of natural gas in the region.
*Translated by Gabriel Pomerancblum
