United Arab Emirates Oil and Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The United Arab Emirates oil and gas market is expected to register a CAGR of greater than 2.2% during the forecast period. The low oil prices during the COVID-19 pandemic resulted in a cut down of the nation’s 2021 budget by 5.3%, as compared to 2020. The nation has also cut down the oil production 2020, due to low crude prices and low demand for petroleum products. However, the market is expected to recover in 2021 owing to factors, like increasing investment in the upstream sector coupled with supportive government policies. Moreover, in 2018, the country launched a mega project worth USD 45 billion, to increase its refining capacities in the existing refineries. The project is expected to increase the refining capacity of the country by 65%, up to 1.5 million barrels per day, by 2025. Therefore, increasing investment in the upstream, midstream, and downstream sectors is expected to drive the oil and gas market during the forecast period. However, the plans to diversify the power generation mix by introducing renewable energy sources are expected to hinder the growth of the market studied during the forecast period.
Key HighlightsThe United Arab Emirates oil and gas market is moderately fragmented. Some of the major players operating in this market include Abu Dhabi National Oil Company (ADNOC), Exxon Mobil Corporation, Schlumberger Limited, Al Masaood Oil Industry Supplies & Service Co., and Halliburton Company among others.
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