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Report: Mideast to bear brunt of increased global energy demand
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SPECIAL TO WORLD TRIBUNE.COM
Monday, November 14, 2005
LONDON — Reliance on Middle East crude oil and natural gas is
expected to increase over the next decade, rather than diminish.
The Paris-based International Energy Agency said in a report that oil
and gas exports from the Middle East would increase. The report said this
would create greater dependence on Middle East producers, particularly by
developing industrial powers such as China and India.
"The importance of the Middle East and North Africa to global oil and
gas markets cannot be underestimated," IEA deputy executive director William
Ramsay said. "These countries have vast resources, but these resources must
be further developed. Investment should not be delayed."
Ramsay told a London conference on Middle East energy this week that the
region would be critical in meeting a projected 50 percent growth in global
energy demand. He said $17 trillion in investments would be required to
ensure energy supplies through 2030.
Copyright © 2005 East West
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