United Arab Emirates Oil & Gas Report Q1 2015 - New Study Released

As oil prices have significantly decreased since last quarter, the UAE's economic diversification efforts have become that much more important to the country's long-term economic health. Indeed, the future success within the UAE's oil and gas industry will be inextricably linked to these economic diversification efforts . The most consequential economic success that the count ry has experienced in the last five years has been skilfully recreating the conditions of a stable investment climate, which the immediate after-effects of the global financial crisis negatively impacted. With global oil prices now lessened as a result of continued hampered recovery in major global markets and the increase in global oil supply, the UAE needs to balance investment and growth in the non-hydrocarbon sectors while also maintaining and upgrading its domestic production capacity.

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2014 brought the UAE that closer to its target of increasing oil production to 3.6mn barrels per day (b/d) by 2019. However, as a recent economic studies have argued, investments and focus on the non-hydrocarbon sectors, chiefly the non-oil sector, will be critical to the UAE's short-term growth, particularly as global supply, by reason of unconventional production, is slated to moderately increase in the future. In looking at the non-oil foreign trade for the UAE, the country's efforts are starting to pay off, as non-oil trade reached Dh256bn in 2014 (USD69.7bn).

The next two to three years will be critical for the UAE to synthesise the strong revenue it obtained from the past five years of high prices, which at the time of writing had significantly decreased, in order to diversify its economy. BMI expects steady growth in oil and gas production over the course of our forecast period. Greater attempts at increasing energy efficiency, waste reduction efforts, and increasing natural gas production will be critical to limiting the UAE's import requirement as consumption continues...

The United Arab Emirates Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for United Arab Emirates including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's United Arab Emirates Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Emirati oil and gas industry.

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