| In the 19th century, Arabs depended on barter | | | | in other sectors. They also know that the oil |
| and trade of gold and pearls for survival. With the | | | | reserves are likely to dry up in the coming 20 |
| discovery of oil and gas in the sixties, the scenario | | | | years. They are producing 240, 000 barrels a day |
| changed. Oil and gas are the nerves of UAE since | | | | and good quality of gas from offshore fields. The |
| 1962 and it is the 4th largest producer in the | | | | main offshore fields are Fateh, Southwest Fateh, |
| world. The country was not under developed | | | | Falah and Rashid. The Margham onshore deposit |
| back then. Today, it is the backbone of the | | | | field is in isolation. The Dubai Petroleum Company |
| economy. In the year 1962, petroleum was first | | | | is the main facilitator in this part. The UAE has |
| exported. Petroleum dominates the economic | | | | helped to stabilise the oil industry in the region and |
| power of the city. In the 20th century, the trade | | | | the world. Its rulers have positive and a very |
| was upgraded to the rich oil resources. Oil trading | | | | balanced way of handling the price structure. It |
| became the primary source of trade and revenue | | | | participated in two major petroleum cuts in 1998 |
| in the Emirate. With the transformation of the | | | | and 2000. This was critical to survival of the |
| trading materials, the city moved on with a fast | | | | economy and OPEC also. In 1998 they reduced |
| pace. In 1985, it reached the highest per capita | | | | production by 1.7mbd. In 2000 they also were |
| income in the world with US $19,120. This brought | | | | agreeable to holding the OPEC summit in |
| all round development in the region. Various job | | | | Venezuela to strengthen world oil supply. They |
| opportunities also attracted professionals and | | | | also joined the mega-project of Dolphin initiative |
| unskilled labour from Asian countries. Unlike oil | | | | where the DSA (Dubai Supply Authority) agreed |
| production the region did not have much | | | | to buy off Qatari gas. This move consolidates the |
| infrastructure for agriculture, fishing, sheep rearing, | | | | UAE's policies on oil trade in the region. Dubai |
| herding or poultry. Although Abu Dhabi is the | | | | contributes 2% of gas reserves of UAE. The |
| richest in terms of oil production, it is Dubai which | | | | state's Dubai Natural Gas Company produces |
| is more recognised as the industry leader in other | | | | natural gas in the offshore fields and a gas piped |
| sectors. At one point smuggling activities | | | | from Sharjah. The rulers are being taken seriously |
| dominated the port areas of Dubai, all that has | | | | by the world community in other sectors. |
| now changed. It has become a flourishing business | | | | The natural oil gas industry is still worth its weight |
| centre amongst the GCC. | | | | in gold, the rulers have become more practical by |
| The oil industry is still controlled by the | | | | diversifying in sectors which are proving to be an |
| government. They know that it is this produce | | | | asset to the economy. |
| that brings them on the forefront of development | | | | |