The United Arab Emirates: Crude Oil

The United Arab Emirates, a geographically small collection of states such as Dubai, Abu Dhabi etc., and yet it holds 5.8% of world’s oil.
Home to one of the largest investment companies, the Abu Dhabi Investment Authority, the nation’s sovereign wealth fund. It has cleverly used it oil’s wealth to build this investment fund.

Today, the UAE has proven reserves of 97.8 Thousand Million Barrels of Crude Oil.

What is that worth ?

97.8 Thousand Million Barrels = 97.8 x 1000, 1,000,000 = 97,800,000,000

Now crude oil today is trading at $47.74 =£31.00

Thus:-

97,800,000,000 x £31.00 = £3,031,800,000,000

£3,031 Billion = £3.03 Trillion.
That is about 200% of the UK annual GDP.

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