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IEA suggests the Middle East to increase investment in the oil industry

IEA suggests the Middle East to increase investment in the oil industry

July 15, 2014

[China paint information] the US "world refining business digest weekly" reported that the International Energy Agency (IEA) pointed out in its world energy outlook special report that many expectations and concerns about the future of the global energy system were attributed to investment issues. The report stressed the need to increase energy investment in the next few years, especially the conventional crude oil production in the Middle East. In the 1920s, as the supply growth of non OPEC countries began to slow down, in order to meet the new demand, the focus should be shifted to the Middle East countries, which are the main distribution areas of conventional resources. However, considering the need to seek priority financial support from the government, as well as political, security, logistics and other factors restricting oil production, the prospect of whether to increase oil investment in the Middle East in a timely manner is uncertain

iea predicts that in order to ensure sufficient global supply in the next 20 years, a cumulative investment of about $40 trillion will be required; Among them, it costs US $16.4 trillion to grow large-area and high-quality carbon nanotubes on temperature sensitive carbon fiber substrates for power generation, US $13.7 trillion for oil and US $8.8 trillion for natural gas. Global oil demand will rise from 83.5 million barrels per day in 2012 to 89.7 million barrels per day in 2020, 91.3 million barrels per day in 2025, 92.3 million barrels per day in 2030 and 93.7 million barrels per day in 2035. Although the growth rate is slower than the expected growth rate of other energy sources (such as nuclear energy, natural gas and renewable energy, which may be applicable to the next generation of aircraft components), oil is expected to remain the world's main fuel source in 2035. The oil investment is expected to peak from 2014 to 2020, which may fall to US $610billion/year from 2021 to 2030 and rise to US $621billion/year from 2031 to 2035 due to the frequent use of US $637billion SAMPE Shanghai Branch. If the investment in oil production in the Middle East is insufficient, the oil market will be tight and volatile, and the oil price will rise by about $15/barrel in 2025

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