The United Arab Emirates is a federation of seven different emirates which together comprise the third largest economy in the Middle East behind Saudi Arabia? and Iran?. Its per capita GDP is second only to Qatar. The UAE is an important producer of natural gas and oil, ranking seventh globally in total proven reserves of both. Abu Dhabi possesses the majority of oil and natural gas reserves followed by Dubai, with small amounts in Sharjah and Ras al-Khaimah. The country is also a member of the Organizatio

n of Petroleum Exporting Countries, known as OPEC.

According to Oil and Gas Journal?, the UAE has 97.8 billion barrels as of January 1, 2011, making up 7 percent of global oil reserves. The UAE has been able to maintain its proven reserves over the last decade primarily due to enhanced oil recovery (EOR) technologies increasing extraction rates of mature oil projects combined with higher oil prices making more reserves commercially viable.