Abu Dhabi oil income up by Dh82bn in 2010

Strong oil prices allied with higher crude output to boost Abu Dhabi’s hydrocarbon income by nearly Dh82 billion in 2010 but the earnings remained far below the record income achieved in 2008, according to government data.

From around Dh196.6 billion in 2009, the value of the emirate’s exports of oil, gas and petroleum products soared to nearly Dh278.6bn in 2010, showed the figures published in Abu Dhabi’s yearbook released this week.

The 2010 income was one of the highest revenue levels in the emirate’s history but remained far below the record high earnings of Dh415.8bn achieved in 2008 as a result of higher production and a surge in crude prices to their highest ever average of around $95 a barrel.

The increase last year boosted Abu Dhabi’s total exports to Dh300.7bn from around Dh214.8bn in 2009, the report showed.

The increase also resulted in a 15.8 per cent growth in nominal GDP to nearly Dh620.3bn in 2010 from Dh535.3bn in 2009.

Despite a 5.6 per cent rise in the population, the surge in GDP boosted Abu Dhabi’s per capita income to Dh315,300 last year from Dh293,100 in 2009, maintaining the emirate’s status as one of the richest nations in the world and second only to Qatar in the Arab region.

Oil prices averaged around $75 in 2010 compared with nearly $62 in 2009 while Abu Dhabi’s crude output swelled to nearly 2.255 million bpd from Dh2.189 million bpd in the same period, the report showed.

But gas production declined to around 4,847 million cubic fee per day in 2010 from nearly 5.674 million cubic feet per day in 2009.

The report showed Abu Dhabi’s population grew to around 1.967 million in mid-2010 from about 1.862 million in mid-2009.

Abu Dhabi controls the world’s sixth largest proven oil reserves of around 92 billion barrels, nearly seven per cent of the global crude potential. Its gas resources are estimated at around 212 trillion cubic feet, the world’s fifth after the reserves in Russia, Iran, Qatar and Saudi Arabia.

According to the International Monetary Fund (IMF), higher revenue and lower spending allowed Abu Dhabi to cut its fiscal deficit by more than half in 2010. Expenditure was cut from around Dh261.4bn in 2009 to Dh245.5 billion last year although it remained at one of its highest levels.

The deficit was slashed to nearly Dh57.07bn from around Dh117.4bn, the emirate’s largest budget shortfall. The fiscal balance recorded its highest surplus of nearly Dh113bn in 2008.

Follow Emirates 24|7 on Google News.