UAE oil consumption grows 7.7% in 2007, according to BP report

The 7.7% increase to 450,000 barrels per day (b/d) - one of the highest growth rates in the Middle East and significantly above the 10-year average - reflects the Federation's continued strong economic growth and mirrors a worldwide trend of increasing demand from emerging markets.

The UAE was the GCC's second-largest oil producer in 2007, with output averaging 2.915 million b/d, equivalent to 3.5% of total global production.

The country's proved oil reserves of 97.8 billion barrels make up 7.9% of the world's total and at current production levels would last 92 years.

On a regional level, Middle East oil production fell by 1.8% to 25.2 million b/d on the back of OPEC production cuts in late 2006 and early 2007.

The decline was partially offset by a 7% increase in production from Iraq.

The 350,000 drop in OPEC production was noticeable on the global oil production total, which fell by 0.2%, or 130,000 b/d, to 81.5 million b/d.

Middle East proved oil reserves stood at 755bn barrels, or 61% of the world total, while global proved oil reserves amounted to 1.24 trillion barrels.

"This year's Statistical Review shows the world's energy markets continue to deliver reliable energy supplies despite high and volatile energy prices, although continued weakness in oil supply and increasing emerging market demand also highlight the challenges that industry faces in maintaining secure energy supplies," Finley explained in Abu Dhabi, the last leg of a regional tour during which he met with industry officials and policy makers from across the GCC.