Sluggish oil prices force Emirates' GDP down four percent
The United Arab Emirates’ (UAE) gross domestic product (GDP) fell by four percent from 259 billion Emirati Dirhams ($70 billion) in 2000 to Dh 249 billion in 2001 as a result of the drop in oil prices caused by the September 11 terrorist attacks on the United States, reported the official WAM news agency.
Due to the fall in oil prices worldwide, UAE oil prices dropped by 16 percent from an average of $27.6 per barrel in 2000 to $23 per barrel in 2001, confirmed Minister of Planning, Sheikh Humaid Bin Ahmed Al Mualla. He added that revenues from the oil sector dropped by 17 percent in 2001 compared to the year before, bringing the contribution of the sector to the GDP down from 33.4 percent in 2000 to 28 percent in 2001.
This past January, the Abu Dhabi National Oil Company (ADNOC) announced plans to increase the productivity of its Upper Zakum field by 250,000 barrels per day (bpd) to 750,000 bpd. Managed by the Zakum Development Company (ZADCO), Zakum is one of the largest oil fields in the world, located in the Abu Dhabi offshore. — (menareport.com)
© 2002 Mena Report (www.menareport.com)