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A general introduction to the most consequential features of the legal and regulatory framework governing the oil and gas sector in United Arab Emirates (Abu Dhabi).
A general introduction to oil and gas law in United Arab Emirates
An extract from The Oil and Gas Law Review, 8th Edition
Introduction
The United Arab Emirates (the UAE) produced an average of 3 million barrels of crude oil per day in 2019, maintaining its position as the fourth-ranked OPEC member (and eighth-ranked country worldwide) in terms of crude oil production. In May 2020, daily production decreased to 2.45 million barrels of crude oil per day in response to reduced OPEC targets, a reduction in crude oil prices and the effects of the covid-19 pandemic. Further reductions for the remainder of 2020 are possible, but the UAE is expected to retain its ranking in terms of global production. Ninety-five per cent of the UAE s proven oil reserves are based in the emirate of Abu Dhabi (Abu Dhabi), one of the seven emirates of the UAE, and Abu Dhabi s production accounts for almost all, if not all, of the oil exported from the UAE.