Middle East to remain world’s top oil producing region
While many regions in the world are likely to witness crude oil production rising over the next decade, the Middle East is forecasted to maintain, and even increase, its position as the global leader in crude production, asserts Hart's new World Fuels and Refining 2000-2005 Analysis.
The study further established that in the mid- to long-term outlook, an increasingly greater share of future supplies will be provided by the member states of the Organization of the Petroleum Exporting Countries (OPEC), particularly Saudi Arabia, Iran, Iraq and the United Arab Emirates (UAE).
According to Hart’s, global markets appear ready for a rebound after a challenging decade, in which they have endured Asia’s economic crisis, the collapse of the Former Soviet Union and terrorist attacks on the US. Following slow growth in global oil demand in the past decade, the report predicts a 1.4 percent annual growth in demand for oil over the 2000-2005 period, and a annual growth rate of 2.2 percent then on through 2015.
The report, which provides an overview of worldwide petroleum markets through 2015, will be published later this month. — (menareport.com)
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