Export revenues from the UAE’s key oil and gas sector slumped 36% in 2020 amid the huge disruptions caused by the Covid-19 pandemic. Data from the Central Bank shows that provisional oil and gas export revenues came in at AED141bn ($38.5bn) last year, significantly lower than in 2016 at the height of the previous oil price slump when hydrocarbon export revenues bottomed out at AED171bn ($46.6bn).
The sharp drop in oil and gas export revenues is down to the combination of swingeing Opec+ production cuts implemented since May 2020 in a bid to stabilize oil markets, and the steep fall in oil prices stemming from the collapse of global demand. (CONTINUED - 465 WORDS)
