Oil Price Today UAE

The UAE is one of the world's most significant oil producers and a core member of OPEC+. Through ADNOC (Abu Dhabi National Oil Company), the UAE produces approximately 3.7 million barrels per day — with ambitious targets to expand capacity to 5 million bbl/day by 2027.

• ADNOC's role: ADNOC sets the monthly Official Selling Price (OSP) for key UAE crude grades — Murban, Das Blend, and Upper Zakum. Murban crude is traded on the ICE Futures Abu Dhabi exchange (IFAD), making it a listed benchmark in its own right since 2021.
• Abu Dhabi fiscal breakeven: The IMF estimates Abu Dhabi's fiscal breakeven oil price at approximately $65–$70 per barrel. When Brent trades above this level, Abu Dhabi runs a surplus that feeds sovereign wealth funds (ADIA, Mubadala, ADQ).
• OPEC+ compliance: UAE has consistently been one of the most active voices in OPEC+ production discussions. In 2023–2024, UAE negotiated higher individual production baselines within the OPEC+ framework.
• Sovereign wealth accumulation: Higher oil revenues flow into ADIA (Abu Dhabi Investment Authority), estimated at $1 trillion+ in assets, and Mubadala (strategic investments globally). This is the structural wealth-building mechanism behind UAE's regional dominance.

The AED (UAE Dirham) is pegged to the US Dollar at a fixed rate of 3.6725. This peg has been maintained since 1997 and is backed by UAE's massive oil revenues and foreign reserves. The practical implication: oil price in AED moves exactly 1:1 with the USD oil price — there is no exchange rate component.

This differs from commodity-currency countries like Malaysia (MYR floats) or Norway (NOK floats), where oil price changes affect both the commodity price and the exchange rate simultaneously. In the UAE, the currency channel is eliminated — but oil revenues still drive economic activity, fiscal surpluses, and sovereign wealth accumulation.

The dollar peg does mean UAE monetary policy is effectively tied to the US Federal Reserve. When the Fed raises rates, UAE banks raise rates in parallel — regardless of local economic conditions.

The UAE deregulated domestic petrol prices in August 2015, ending decades of government subsidies. A monthly pricing committee (the UAE Fuel Price Committee) now sets RON95, RON98, and diesel prices benchmarked to international crude prices. The committee announces prices on the last Wednesday of each month for the following month.

Practical effect: when Brent crude rises, UAE pump prices rise the following month. When Brent falls, pump prices follow down. UAE petrol prices are among the more transparent in the Gulf — and are still relatively low by global standards due to the country's proximity to crude supplies and minimal taxation.

Note: The per-litre prices in the table above show the raw crude oil cost per litre — actual pump prices are higher due to refining, transportation, and distribution margins.