Arab Today, arab today middle east region to remain crucial for global oil supply
Last Updated : GMT 13:22:57
Arab Today, arab today
Arab Today, arab today

International energy expert Fatih Birol:

Middle East region to remain crucial for global oil supply

Arab Today, arab today

Arab Today, arab today Middle East region to remain crucial for global oil supply

International energy expert Fatih Birol
Brussels - Arab Today

The chief economist at the International Energy Agency, Fatih Birol, on Friday emphasized that the Middle East will continue to be the main source of global oil supply and he forecast that oil prices will start going up again.
"Middle East is and will remain critical for the global oil markets for many years to come. We shouldn't be misled by the current short term developments in the oil markets. Middle East is very important in the richness of the sources and the low cost of the resources for oil and gas," he told an event organized by the think tank 'Friends of Europe' in Brussels to present the IAE's world energy outlook 2014.
"When we look at the oil production and supply today and lots of oil coming from North America and demand being weak I think there will still be a downward trend on the oil prices," noted the Turkish energy expert.
"However, in a few years time we will see prices again go up. The market balances will be found at a level higher than today in a couple of years," he said.
Birol said he expects healthy growth of global oil demand by 14 mbd by 2020.
He said that the oil price of USD 80 pb gives breathing space for importing countries but there will be a demand growth higher and "we will need more oil from the Mideast." He said the turmoil in Iraq, Libya, North Africa is causing serious oil security challenges.
Birol noted that shale oil deposits in the US are not as rich as gas deposits and he expects US oil production will slow down around 2020.
"We need a big growth from the Mideast. There is no other regions where you can bring the oil together by 2020," he stressed.
Source: KUNA

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today middle east region to remain crucial for global oil supply Arab Today, arab today middle east region to remain crucial for global oil supply

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today middle east region to remain crucial for global oil supply Arab Today, arab today middle east region to remain crucial for global oil supply

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday