Current Oil Industry in Dubai

In the 19th Century hanging Arabs in exchange and trading of gold and pearls to survive. With the discovery of oil and gas in the sixties, changed the scenario. Oil and gas are the nerves of the UAE since 1962 and it is the 4th largest producer in the world. The country was not developed back then. Today it is the backbone of the economy. In 1962, first oil was exported. Oil dominates the economic power of the city. In the 20th Century, the trade in the updatedrich oil resources. Oil trading was the primary source of trade and revenue in the emirate. With the transformation of trade materials, put the city with a fast pace. In 1985 she reached the highest per capita incomes in the world with U.S. $ 19,120. This brought all-round development in the region. Various employment opportunities also attracted skilled and unskilled labor from Asian countries. Unlike oil production, the region has little infrastructure for agriculture,Fishing, sheep farming, herding or poultry. Although Abu Dhabi is the richest in terms of oil production, is Dubai, which is more recognized as an industry leader in other sectors. At one point smuggling dominates the port area of Dubai, has changed all that now. It has a thriving business center in the GCC.

The oil industry is still controlled by the government. They know that produce them, that it brings to the forefront of development in others isSectors. They also know that the oil reserves are likely to dry in the next 20 years. They produce 240, 000 barrels per day and a good quality of natural gas from offshore fields. The main fields are offshore Fateh, Southwest Fateh, Falah and Rashid. The Margham onshore deposit box is in isolation. The Dubai Petroleum Company is the principal mediator in this part. The UAE has helped to stabilize the oil industry in the region and the world. The rulers have a very positive and balanced way ofDealing with the price structure. She participated in two major oil cuts in 1998 and 2000. This was crucial for the survival of the economy and OPEC too. In 1998 they reduced production 1.7mbd. In 2000, they were also strengthening comfortable to hold the OPEC summit in Venezuela on world oil supply. Moreover, the Mega-Project Dolphin initiative if the DSA (Dubai Supply Authority) contract to buy gas from Qatar. This step takes the policy of the United Arab Emirates oil trade in the region.Dubai contributes 2% of the gas reserves of the UAE. The state Dubai Natural Gas Company produces natural gas in offshore fields and gas from Sharjah headed. The rulers are seriously by the international community in other sectors.

The oil and gas industry still worth its weight in gold, have the authorities ever more practical by diversifying into the areas that are to be an asset to the economy.