Surging economic growth in the Far East will push up world crude oil demand steadily in the 1990s despite the current economic downturn.
It will fall to members of the Organization of Petroleum Exporting Countries to meet that increased demand, given the expected decline in nonOPEC production. And because OPEC members in the Persian Gulf region are best positioned to meet the increase, the balance of power in oil markets will shift even more in favor of the Middle East.
Seaborne oil exports from the Middle East will jump almost 30% by 1997 from 1991 levels. There will be a worldwide rise of 16% in the volume of seaborne crude oil trade, ...