Energy agency: Middle East to remain world’s oil production center in long-term perspective

Photo: Energy agency: Middle East to remain world’s oil production center in long-term perspective

 / Oil&Gas

Astana, Kazakhstan, Jan.17

By Daniyar Mukhtarov - Trend:

Middle East will remain the world's oil production center in long-term perspective, Executive Director of International Energy Agency (IEA) Maria van der Hoeven said speaking with World Energy Outlook 2013 in Astana on Jan.17 during her visit to Kazakhstan.

"The Middle East, the only major producer of cheap oil, will remain the center of world oil production in long-term perspective," van der Hoeven said.

The role of OPEC countries in meeting the world's demand for oil will fall temporarily in the next ten years due to the increase in oil production in the U.S., oil sands in Canada, deepwater production in Brazil and condensate production in different regions, according to the executive director.

"Nevertheless, by mid-2020, the total production in non-OPEC countries will begin to fall; the major part of growth in world crude supply will be provided by Middle Eastern countries," van der Hoeven said.

Translated by L.Z.

Edited by C.N.

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