Strong oil prices boosted the UAE’s crude export earnings by nearly $15 billion in the first 11 months of 2010 but its full year income is projected to be far lower than its record high revenue in 2008, according to official U.S. data.

The oil income of the 12-nation Organization of Petroleum Exporting Countries (OPEC) also jumped by around $168 billion during the January-November period and it could head for its second highest level in the group’s 50-year history.
The figures by the Energy Information Administration (EIA) of the U.S. Department of Energy showed the UAE’s crude export earnings stood at around $61 billion in the first 11 months of this year against $46 billion in the same period of 2009.
It was the UAE’s highest income for such a period and the earnings are expected to climb to their second highest level through 2010 after hitting an all time high of nearly $91 billion in 2008 when average crude prices peaked above $95.
Analysts said the UAE’s oil revenue could be around $65 billion in 2010, far below the 2008 level as oil prices are projected to average much lower.
(Source: emirates247.com)