Egyptian report: Middle East oil production to rise by 435 million barrels per day in five years
Global energy demand will rise in general terms with a particular emphasis on oil in the next years, an Egyptian report projected on Thursday.
The report, released by the Egyptian ministry of oil, said the role of oil producing countries in the Middle East would grow to meet growing global energy demands.
The report, citing a US document, said oil coming from the Middle East area would rise by 435 million barrels per day (bpd) by 2010 to reach 2.803 billion bpd. The quantity was 2.309 billion bpd in 2003.
The Egyptian report said the Middle Eastern countries' crude oil production in 2003 went up by 6.9 percent.
In 2004, it added, the Middle Eastern countries produced some 21.5 million bpd. Out of overall oil production in the Middle East, Saudi Arabia occupied 43 percent of total output and Kuwait 10 percent, indicated the report.
Europe imports 16 percent of the Middle East oil, the report added.