UAE’s oil reserves to last 92 years: IEA

The United Arab Emirates (UAE) has total oil reserves of around 98 billion barrels of crude and, at current rates of exploitation, the stocks would last 92 years, the International Energy Agency (IEA) said in a report.

UAE, which contributes about 7.9 per cent of the world’s total stocks, saw its average crude output rise 1.53 per cent to 2.66 million barrels per day (bdp) for the quarter ended June, compared to the January-March quarter, IEA said in its report .

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