WEC: Oil, gas to remain dominant commodities

Oil and gas will remain dominant commodities in the world's energy supply mix for at least the next 25 years. The Middle East will continue to be the major supplier, and there will be increasing interdependence between oil producing and consuming countries.These confident predictions were delivered Sept. 7 to the World Energy Congress in Sydney by Majid Al-Moneef, advisor to the Minister of Petroleum and Minerals in Saudi Arabia.Al-Moneef said four factors would impact the oil demand pattern for the next 2-3 decades:First, there is declining oil intensity. Consumption has been falling for the last 30 years. Today, in relative terms, it is half the level it was in the 1970s. That trend...

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