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SUPPLY
After a drop
in oil production in 2002 due to enforcement of OPEC quotas oil output
from the Middle East grew substantially up to 2005 before further
restrictions were initiated in 2006. Another production jump in 2008 is
expected to be followed by three years of lower, but gently increasing,
supply as much larger output cuts in late 2008 and 2009 unwind.
From 2011
production is forecast to see persistent growth, both onshore and
offshore, flattening off by 2020. Onshore regions are seeing most quota
restrictions and thus these will show the strongest growth.
Gas production is set to increase substantially; the majority coming
from Qatar, Iran and Saudi Arabia, with Qatar's offshore North field and
its Iranian part, the South Pars field, providing considerable volumes
of this gas.
DEMAND
Growth in
consumption of oil from 1996 to 2007 has now ceased with oil
consumption liable to remain flat until 2017 when decline will begin as
high oil prices restrain demand.
Conversely gas
consumption is set to consistently grow as the region makes use of its
gas wherever it can. Oil imports are steadily reducing whilst gas
exports are showing strong growth mostly to satisfy North Asian markets.
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