Mideast to provide half of world's demand for oil

Friday, October 29, 2004

LONDON Middle East producers are expected to provide half of the world demand for crude oil by 2030.

A report by the International Energy Agency said Middle East members of OPEC would assume a larger role in oil supplies over the next 25 years.

The agency said Middle East oil producers would be counted upon to fulfill most of the 59 percent increase expected in energy consumption by 2030, Middle East Newsline reported.

In all, world energy demand would increase to 121 million barrels a day by 2030, the agency said in its annual study. OPEC's Middle East members were expected to provide half of the world's crude oil supply. This would mean an increase in Middle East oil output from the current 20 million to 52 million barrels a day by 2030.

"As international trade [in oil] expands, risks will grow of a supply disruption at the critical chokepoints through which oil must flow," the agency said.

Copyright 2004 East West Services, Inc.

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