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While prices have come down since the peak in June, prices were beginning to tick up again. Gas prices hit $3.79 a gallon the week of September 29, 2022, up from $3.73 on September 23, 2022 — an increase of $0.06 per gallon over the last week. [14] Since October 10, 2022, the price of gasoline has gone down again.
In June 2010 UAE had 6th top global proved oil reserves, about 100 billion barrels, behind Saudi Arabia, Venezuela, Iran, Iraq and Kuwait. The crude oil production of UAE was more than 4 and less than 5 million barrels daily. [1] UAE was 4th top crude oil net exporter (108 Mt in 2008) and 10th top crude oil producers (120 Mt in 2009). [4]
The $10 billion project doubled the capacity of the facility. A large part of the increased output is dedicated to diesel production due to demand from Asia. Ruwais has the ability to refine 600,000 tonnes of high-quality base oils per year. These oils are used primarily for automotive lubricants. [61]
The deal coincides with the visit to Paris of UAE President Sheikh Mohammed bin Zayed al-Nahyan (MBZ) between July 17-19, his first overseas state visit since taking over from his half-brother in ...
The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
Over subsequent decades, the site has grown in capacity and complexity to include a Hydrocracker Plant (1985), a Condensate Plant (2000), a Gasoline Plant (2006), a Green Diesel Plant (2011), and a Base Oil Plant (2016). [4] Today, the complex is known locally as Ruwais Refinery East.
The primary fuel used is natural gas or associated gas from oil production; diesel and heating oil are used as back-up. Since Dubai's own oil and gas production is insufficient, fuel is imported via pipelines from neighboring emirates (especially Abu Dhabi and Sharjah ) and other countries bordering the Persian Gulf (especially Iran and Qatar ).
The UAE's economy is the 4th largest in the Middle East (after Turkey, Saudi Arabia and Israel), with a gross domestic product (GDP) of US$415 billion (AED 1.83 trillion) in 2021-2023. [5] The UAE economy is heavily reliant on revenues from petroleum and natural gas, especially in Abu Dhabi. In 2009, more than 85% of the UAE's economy was based ...