Middle East crude oil trade: future directions and implications for formula pricing

Currently, the total production of crude oil from the Middle East stands at 21.7 million b/d; this is projected to grow to 25.5 million b/d by 2005.Consequently, the export availability of crude in the region is forecasted to grow from 17 million b/d in 2001 to 19.6 million b/d in 2005.Furthermore, the region's production capacity is forecasted to increase substantially over the next 4 years, from 23.2 million b/d in 2001 to 26.8 million b/d in 2005.The Asia-Pacific region is the biggest consumer of Middle Eastern crudes, accounting for almost 60% of the region's exports, followed by Europe (21%) and the US (14%).The issue of pricing is central to the topic of oil trade. Several p...

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