The United Arab Emirates (UAE) produces 3,087,000 bbl/day that is 3.32 percent of world’s oil. Its oil reserves are ranked as the seventh largest in the world. The nation has the second largest economy in the Arab world. One-third of its GDP is from oil revenues. UAE has been able to use oil revenues to enhance the quality of life of its people.
The Republic of Iraq’s economy is dominated by the oil sector, which has traditionally provided about 95 percent of foreign exchange earnings. The nation produces 3,400,000 bbl/day that is about 3.75 percent of world’s oil.