The UAE is projected to net a record $39 billion in oil export revenues in 2005 and oil income will surge above $40 billion this year, according to official US data.

Strong crude prices have already filled the UAE's coffers as its income soared to its highest level of around $29.8 billion in 2004, when crude prices averaged nearly $36 per barrel, said the Energy Information Administration(EIA) of the US Energy Department, according to a report.
"The UAE's net oil export revenues are expected to climb to $39 billion in 2005 and rise further to reach $42.7 billion in 2006 due to high oil prices,' EIA said.
The 2005 revenues were calculated on the basis of an average oil price of around $45 per barrel and the UAE's average output of nearly 2.3 million bpd.
Higher revenues in 2006 means crude prices are expected to remain strong and the UAE will continue to produce as high as 2.3 million bpd or even more.
Financial analysts said the 2005 income would be the highest oil export earnings ever made by the UAE.
The situation is in sharp contrast with that six years ago, when the UAE's oil income plummeted to below $10 billion in 1998 after crude prices collapsed under $10 per barrel, said the report.
Oil prices have remained high since 2000 due to strong demand in China, the US and other countries, geopolitical tensions, refinery bottlenecks in consuming countries, the conflict in Iraq, speculation and other factors.
Prices were as high as $28 in 2000 but slipped to an average $25 in the following three years before they sharply recovered to $36 in 2004.
EIA's report for Opec revenues showed all other member states would benefit from high oil prices, especially Saudi Arabia, the world's dominant oil exporter. Its crude export earnings were put at $150.1 billion in 2005 and as high as $154.3 billion in 2006, said the report.
As for Opec's combined earnings, they were forecast at around $429.8 billion in 2005 and $447.2 billion in 2006, their highest ever level at current prices.