Special to WorldTribune.com

ABU DHABI — The Middle East was said to require more than $1 trillion in energy investment by 2030, a report said.

The report by the energy consultant IHS Energy asserted that the Middle East, from the Gulf to North Africa, would require more than $1 trillion to meet requirements for oil and natural gas over the next 17 years.

The report said the Gulf Cooperation Council would become a leading consumer of gas, with demand expected to increase by more than 50 percent until 2030.

“Their ability to make these vital investments depends on their ability to diversify their economies and adapt to the global energy revolutions,” IHS Energy director Leila Benali said.

The report said demand for GCC crude oil would increase by more than 50
percent from the current four million barrels per day. IHS determined that
regional turmoil has not affected the need for energy investment.

  Gulf Cooperation Council, IHS Energy, Leila Benali, Report: Middle East needs $1 trillion to meet energy needs by 2030