UAE oil revenues increase by $1.4 billion

Financial sources in Abu Dhabi expected that the UAE's oil revenues will increase by about $1.4 billion next year due to an increase in its quota which was ratified during the recent meeting of the Organization of Petroleum Exporting Countries.

The UAE's quota increased from 2.161 million barrels per day to 2.366 barrels per day, an increase of 205 thousand barrels a day. Sources added that this increase in the production quota of the UAE will bring about $1.4 billion if oil prices remain stable.