With a projected budget breakeven oil price of US$69.1 per barrel of Brent this year, according to IMF figures, but accounting for around 96.8 per cent of the UAE’s 98 billion barrels of proved oil reserves (the seventh-largest in the world), Abu Dhabi’s post-oil war position is not quite as bad as many of its OPEC and OPEC+ fellow members. Nonetheless, with Brent crude still trading in the US$40-50 per barrel range, and the US$69.1 per barrel budget breakeven oil price very close to the ‘Trump Cap’ of US$70 per barrel of Brent , Abu Dhabi still needs to plug budget gaps and to fund plans to safeguard its current oil production level and to potentially push it higher next year. Its recent landmark gas deal is critical in this regard. June 23 saw a statement from the UAE’s state-owned oil company, the Abu Dhabi National Oil Company (ADNOC), […]