It provides around one third of the United Arab Emirates’ Gross National Product, which is a vital contribution. And it is going to be like this in future as well. This can be said because there are vast hydrocarbon reserves at their disposal. This makes it a very important place. The first crude oil cargo was exported from Abu Dhabi in the year 1962 by the first oil company teams which carried out surveys. And then there was no turning back for the United Arab Emirates. Dubai’s economy was originally built on oil, gas and petroleum industry.

Dubai used the revenue from oil export towards improving the life of people living there. 240,000 barrels of oil is estimated to be produced from Dubai’s offshore fields every single day. It is also believed and anticipated that oil reserved will be diminished in Dubai after approximately 20 years. There are alternate options being searched for.

The United Arab Emirates also play a crucial role in international markets as far as oil production is concerned.  Abu Dhabi is the largest oil producer in the United Arab Emirates contributing more than 85% of the total production. Abu Dhabi National oil Company (ADNOC) is one of the biggest oil companies and the best part is that the countries like Japan, France, Britain and other countries own 40% of the energy sector.

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