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The U.A.E. is a net energy exporter. The main exports are oil and natural gas. In 1998 the U.A.E. exported an estimated 2.0 million barrels of oil per day and 237 bcf of gas. The UAE contains proven crude oil reserves of 97.8 billion barrels, or slightly less than 10% of the world total. Abu Dhabi holds 94% of this amount, or about 92.2 billion barrels. Dubai contains an estimated 4.0 billion barrels, followed by Sharjah and Ras al-Khaimah, with 1.5 billion and 100 million barrels of oil, respectively. The majority of the UAE's crude oil is considered light, with gravities in the 32o to 44o API range. Abu Dhabi's Murban 39o and Dubai's Fateh 32o blends are the UAE's primary export crudes. Most of the UAE's oil fields have been producing since the 1960s or early 1970s. Proven oil reserves in Abu Dhabi have doubled in the last decade, mainly due to significant increases in rates of recovery. Abu Dhabi has continued to identify new finds, especially offshore, and to discover new oil-rich structures in existing fields.
Under the UAE's constitution, each emirate controls its own oil production and resource development. Although Abu Dhabi joined OPEC in 1967 (four years before the UAE was formed), Dubai does not consider itself part of OPEC or bound by its quotas. In response to the period of low oil prices in 1998 and early 1999, OPEC agreed in March 1999 to reduce output in an effort to shore up the price of crude. The UAE's production quota was lowered to 2.00 million bbl/d. Actual production fell from a 1999 high of 2.25 million bbl/d in February 1999 to 2.05 million bbl/d in May 1999. After three rounds of OPEC quota increases in 2000, the UAE quota rose to 2.29 million bbl/d on October 1, 2000. Production in the third quarter of 2000 was 2.27 million bbl/d, and may climb to 2.35 million bbl/d in the fourth quarter of 2000. The UAE's total capacity is 2.60 million bbl/d, making it second only to Saudi Arabia for excess production capacity among OPEC member states. .

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