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Oil Discovery
Oil was first discovered in the United Arab Emirates (UAE). The first place it was found was in Abu Dhabi. Subsequently oil was also found in Dubai and Sharjah closer to the 1960's. The proceeds from oil sales were used to build more modern and urban societies. Dubai had less oil supplies than Abu Dhabi. -
UAE exports
Oil is first exported from the UAE in 1962. Abu Dhabi also joined the family of oil exporters.Crude oil was shpped out from Das island. -
Huge oil surge
Abu dhabi and some other oil producers had a huge oil surge after the prices went up because of the oil price surge. OPEC launched an embargo against the U.S. America had been using energy without concern to where it was coming from. The embargo caused the oil prices to nearly quadruple. They went from about three dollars per barrel to about twelve dollars per barrel. -
UAE invests
The UAE invested seven billion dolllars in oil.The UAE anticipated on investing around 42 billion more dollars in the upcoming years.Also they planned to invest more that 6 billion dollars to expand the domestic refining capacity to expand there ability to export. -
One Tenth of the World's Oil
The United Arab Emirates were sitting on one tenth of the world's . It was realized in 2006 the UAE that they had the oil which makes this land really rich. The UAE is a very wealthy country because of the oil that they have. -
Agreement
Japan and the UAE mad an agreement to launch a new dialogue to try to boost economic ties and to speed up talk of the free trade. Free trade is exports not affected by being applied taxes. Japan decide to lend massive loans to Abu Dhabi in exchange for security of oil supply in Japan. -
The UAE Becomes the 6th Largest Oil Company
Oil in Abu Dhabi VideoThe UAE became the sixth largest oil company in the world. Due to this UAE have had great contribution to the oil and gas prices. One of the major associations being helped is the Gulf Cooperation Council (GCC). This is one of the most helpful and biggest global market in the world. -
New Deal Signed
Abu Dhabi and Conoco Phillips announced that they signed a deal with Kazakhstan's national oil company to drill in a lucrative region in the Caspian Sea. -
The reassurance
Abu Dhabi created mixed signal to banks, federal governments,and investors.The mixed signals were made because Abu Dhabi inssured trust to Dubai about there debt. Now all of the support has been unsure. The question now is if Abu Dhabi is still secure about Dubai -
The problem of agreement
2.7 milion barrels are produced per day from Abu Dhabi. This made acording to the UAE a tradition for the Asian customers to buy 2.7 million barrels.The ony problem was that it met a capacityof producing oil. This also caused OPEC to have pressure in the distributuion of oil.
