United Arab Emirates Oil & Gas Q1 2020
A number of upgrade and expansion projects will boost oil production capacity, but the rollover of the OPEC+ productioncut deal to March 2020 will constrain oil supplies in the near term. Renewed exploration efforts are a positive sign forgreenfield projects and could unlock substantial further resources over the coming years. In addition, companies continue to testnew technology and extraction techniques to raise recovery rates and extend project life cycles. Natural gas has become a keystrategic priority, and the UAE is planning a string of new investments to further develop its large sour gas resources and meet risingdomestic consumption. Fuel switching, efficiency drives and subsidy reform will drag on energy demand overall, although theeconomic and demographic fundamentals remain supportive of growth.
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