UAE Oil Production to Hit 5 Million Barrels Per Day by 2029: S&P Global Ratings
The UAE's oil production is expected to reach 5 million barrels per day by 2029, according to a report by S&P Global Ratings. This increase will be gradual, with production reaching 4.0 mbpd by 2027 and 5.0 mbpd by 2029.
The growth in oil production will contribute to the country's GDP growth, which is expected to reach 6.2% on average from 2027-2029. This is up from an estimated 2.4% in 2026.
S&P Global Ratings also noted that the UAE has strong financial buffers, with net assets estimated at 147% of GDP in 2026 and general government debt at around 26% of GDP. The country's consolidated fiscal balance is expected to average a surplus of 2.3% over the next three years.
The ratings agency also highlighted the potential risks to the UAE's economy, including geopolitical tensions that could affect oil exports or investor confidence.