Middle East to remain top oil supplier over next five years
Despite the rapid growth in U.S. oil and gas production, the Middle East will remain global leader in energy supply, according to recent research by marketing communications consultancy Orient Planet.
While the report points out that the shift in powers and changing market conditions are likely to affect global oil security, the proximity of the Middle East to major markets like China and India will protect its leading position. In fact, Orient Planet estimates that China will account for about 50 percent of the global increase in oil demand over the next five years.
The Middle East has the biggest reserves of oil in the world but is still to maximize its full potential, the research found. There is still room to increase output and meet rising global demand. By contrast, oil production in many other parts of the world has already reached its peak or is close to it.
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Furthermore, the report states that the Middle East is set to further develop its alternative resources and will expand its energy-supply portfolio to include increased production of solar, wind and nuclear power.
All these factors have led researchers to the conclusion that the Middle East can rest assured that its oil supply dominance will remain unchallenged and the region will stay in the lead over the short to medium term.