UAE - Mubasher: The value of the UAE's oil exports plunged by 14.3% or $8.25 billion to $49.64 billion in 2019, compared to around $57.89 billion in 2018, according to OPEC’s Annual Statistical Bulletin (ASB).

The UAE accounted for 8.8% of the OPEC's total value of oil exports which recorded nearly $564.89 billion in 2019, down 18.4% from $692.27 billion during the earlier year.

In the past five years, the total value of the UAE's oil exports has registered $252.45 billion, recording its highest level in 2018 with $57.89 billion.

Saudi Arabia topped the OPEC members in the value of oil exports with $202.37 billion in 2019, followed by Kuwait with $52.43 billion.

Meanwhile, the UAE's oil reserves have registered 97.8 billion barrels out of 1.22 trillion barrels of OPEC's total oil reserves.

Saudi Arabia and Kuwait have led the GCC countries in possessing oil reserves with approximately 258.6 billion barrels and 101.5 billion barrels, respectively, in 2019.

As for oil output, the UAE has produced around 3.06 million barrels per day (bpd) last year, compared to 3.01 million bpd in 2018.

At the same time, the annual bulletin referred that the average price of the OPEC basket declined by 8.2% to $64.04 per barrel in 2019 from $69.78 per barrel in 2018.