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The United Arab Emirates and its partners in the six-nation GCC are reported to ...

The United Arab Emirates and its partners in the six-nation GCC are reported to have earned nearly $107.4bn in 2002 compared to around $106.1bn in 2001. Oil export earnings by the UAE, one of the biggest Opec producers, remained unchanged at $17.9bn as it had to cut output in line with an agreement between Opec and other producers to support oil prices. According to the London-based Centre for Global Energy Studies, the basket of Opec crude averaged $26.2 last year compared to $24.3 in 2001. Production was also higher as it averaged nearly 25.7mn b/d compared to 25.4mn b/d in 2001. Opec’s total oil export revenues remained almost static at 173.4bn in 2002 (versus 173.1bn in 2001) because of higher domestic oil consumption in most member states. Total consumption grew from 5.1mn b/d to 5.2mn b/d.
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