Dubai prepares to increase its crude exports
Dubai has just negotiated the creation of a new entity by the government to take control of its offshore oil resources from Dubai Petroleum Co, which is wholly-owned by US oil giant ConocoPhillips since 1960s.
According to industry sources, Dubai has two billion barrels of oil reserves, and the daily production does not exceed 90,000 barrels. This should increase with the planned increase in production, utilising new methods of production by introducing what is termed as the Enhanced Oil Recovery process, which entails injection of steam and gas into the fields.
Hopefully, this should have an affect on the economy and on the oil prices within the country as well.