Vienna-The Organization of the Petroleum Exporting Countries (OPEC) confirmed in its April report that the UAE’s non-oil economy continues to show strong growth, supported by positive economic indicators and consistent progress in economic diversification.
The report praised the country’s strategic initiatives, particularly the “300 Billion Project”, which aims to boost the industrial sector, expand export markets, and attract foreign investment. It also highlighted the roles of Abu Dhabi and Dubai in advancing these efforts by developing new sectors such as digital technology, financial services, creative industries, clean energy, education, and scientific innovation.
OPEC pointed to strong performance in key sectors, including tourism, finance, and construction, noting that the UAE’s Purchasing Managers’ Index (PMI) stood at 54 points in March, indicating continued economic momentum despite a slight dip from 55 points in January and February.
The report also stated that Fujairah recorded a weekly increase of 4.96 million barrels in total oil product stocks by the end of March 31, bringing the total to 24.34 million barrels; a rise of 4.07 million barrels compared to the same period last year, based on data from FEDCOM and S&P Global Commodity Insights.
Meanwhile, OPEC revised its global oil demand growth forecast downward for 2025 to 1.30 million barrels per day, and 1.28 million barrels per day in 2026, reflecting ongoing shifts in the global energy landscape.
Source: WAM