Abu Dhabi Raises Much-Needed Cash In Landmark Gas Deal

With a projected budget breakeven oil price of US$69.1 per barrel of Brent this year, according to IMF figures, but accounting for around 96.8 per cent of the UAE’s 98 billion barrels of proved oil reserves (the seventh-largest in the world), Abu Dhabi’s post-oil war position is not quite as bad as many of its OPEC and OPEC+ fellow members. Nonetheless, with Brent crude still trading in the US$40-50 per barrel range, and the US$69.1 per barrel budget breakeven oil price very close to the ‘Trump Cap’ of US$70 per barrel of…