Thursday July 06, 2006

Mideast boom squeezes gas oil flow to Europe, Asia

peakoil.com -> today.reuters.com :

An oil fueled economic boom in Middle Eastern countries is driving local demand for gas oil such as diesel, squeezing supplies to Europe and Asia. Accelerating growth and a construction boom in countries including Qatar and Saudi Arabia have boosted domestic consumption just as the global refining industry is already straining to meet existing demand, particularly from Asia. The United Arab Emirates' economy grew more than a quarter last year, while Saudi Arabia and Egypt are forecasting growth of at least 6% this year.

Moves by governments to diversify their economies away from reliance on oil production have further fueled local consumption. The Saudi government in April approved the construction of an aluminum smelter, two months after the UAE unveiled plans for a $6 billion smelter complex.

See also :

1. Middle East as energy consumer
2. Arab oil money
3. Gulf Arab states to invest surplus oil money in China and India

(2006-07-06 22:08:57 SGT) [Energy] Permalink

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