Middle East.

Middle East: A new report by the International Energy Agency (IEA) points to the continued importance of the Middle East to the oil industry. It estimates that the region will need $620 billion in oil investments, a fifth of the worldwide total, until 2030. In 2030, the region is forecasted

to be producing 51 million barrels of oil each day, up from its current rate of 21 million per day. Middle Eastern oil production is cheaper than North American production and concentrating production elsewhere will raise prices. According to the IEA, if investments in the region were restricted, nonconventional fuels (for example, gas-to-liquids) and Canadian and Venezuelan heavy oil would account for 16% of worldwide oil mix, up from 10%. Saudi Arabia, Kuwait and other Middle Eastern countries have been resisting increased investments by global oil companies.

Source: Financial Times