Middle East grows as oil consumer, product exporter

02/07/2005
The Middle East is rapidly becoming a major oil-consuming region, point out analysts at Fesharaki Associates Consulting & Technical Services Inc. (FACTS), Honolulu.Middle Eastern oil demand has grown at an average rate of 4%/year over the last decade. In a January report, FACTS projects growth of slightly more than 5%/year during 2000-05.The analysts also expect the Middle East to continue to grow in importance as an export refining center."Essentially every country in the region plans to expand output of products from oil refining, gas processing, and gas-to-liquids projects," they said. "Multiple GTL projects in Qatar and Iran will play a crucial role in incremental output of high-quali...
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