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Image header Agence Europe
Europe Daily Bulletin No. 10965
Contents Publication in full By article 34 / 36
BUSINESS NEWS NO 82 / (ae) energy

By 2020, Middle East will still be the main oil supplier. - Although non-conventional oil production by the US and Brazil will account for much of the growth over the next decade, OPEC and particularly Middle Eastern countries, are expected to remain the main source of growth in production from 2020, according to the most recent annual report, World Energy Outlook 2013, by the International Energy Agency (IEA). OPEC's share of global production is expected to fall from 43% to 41% between 2012 and 2020 but could increase again to 46% by 2035, thanks to the Middle East, the only region that can still mass produce relatively cheap crude oil for the market. The report also says that demand will grow by a third by 2035, due to increased demand in Asian countries. China's demand will remain significant and will be accompanied by a rise in demand from other emerging economies such as India and the South Asian countries. At the beginning of the 2020-decade, China will become the biggest importer of crude oil in the world and could even become a bigger consumer than the US by 2030. The Middle East will also be the second biggest consumer of gas by 2020 and the third biggest consumer of oil by 2030. Demand has been encouraged by low prices for oil products. OECD countries' energy demands are not significantly increasing and by 2035 will account for less than half of the demand by non-OECD countries. (IL/transl.fl)

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ECONOMY - FINANCE - BUSINESS
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BUSINESS NEWS NO 82
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