Oil industry in the Middle East!

The core elements of UAE’s national economy are oil and gas. The oil and gas industry has provided Middle East with a substantially high level of per capita income. UAE is a responsible producer and critical partner in global energy markets. Oil exports amount to 25% of UAE’s Gross Domestic Product.

Within the United Arab Emirates, the petroleum industry has been the backbone of the economy in terms of oil reserves, petroleum production and crude oil exports. UAE is an important player the global petroleum industry and is house to lots of petroleum companies. United Arab Emirates in a major exporter and consumer of Petroleum products. The U.S. Energy Information Administration reported that most of the crude oil is exported to Asia. Most of their imports include residual fuel oil, small portions of motor gasoline and diesel fuel.

UAE attracts a lot of buyers and traders to get the best deals, and to stay on the top, find the best lubricant companies and petroleum companies in Dubai.

After years of research, Oil was first discovered in 1958 at the Murban Bab Oil Field, and 1960 was when they began producing crude oil, at the rate of 3674 barrels per day. Subsequently, lots of similar fields were found and the Oil Industry went booming. Companies played a major role in development of the oil industry.

With the number of lubricant companies in Dubai, in the forecast period of 2018-2023. The expected compounded annual growth rate is to be 2.11%. The major factor driving this growth is the industrial growth in Saudi Arabia, Iran and UAE. Lubricants are available in liquid, semi-fluid or solid state with various characteristics, and they are majorly used in the industrial sector for functioning of the machinery. Texol is one of the leading oil companies in UAE.