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Middle East and Africa will be the Leading Global Crude Oil Producers in 2020

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Middle East and Africa will be the Leading Global Crude Oil Producers in 2020

Middle East and Africa together will continue to be the largest crude oil producing regions globally. The crude oil production from the Middle East and Africa together accounted for about 38% of the global crude oil production in 2009. The total crude oil production from the region in 2009 was about 30, 381.2 thousand bopd. The major producer of the crude oil production in the region comes is Saudi Arabia. This is followed by Iran and UAE. The total crude oil production from the region is expected to continue to increase to about 43,738.6 thousand bopd in 2020.

The Middle East and Africa together is one of the biggest consumers of crude oil in the world. The Middle East and Africa accounted for about 9% of the total crude oil consumption in the world in 2009. Saudi Arabia, Iran, South Africa and Egypt are the major crude oil consuming countries in the region. The total crude oil consumption in the region was about 8047.4 thousand bopd in 2009. This is expected to continue to increase to about 10636 thousand bopd in 2020.

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Asia Pacific will continue to be the Top Crude Oil Consuming Region in 2020

Crude oil consumption in Asia Pacific increased from 16,450,000 barrels per day in 1996 to 23,788,900 barrels per day in 2010 at a CAGR of 2.6%. The consumption is expected to increase at a CAGR of 1.5% in the forecast period. This strong growth of oil and gas demand will provide the impetus for huge investments in the midstream and downstream sectors of Asia Pacific in the next decade.

Asia Pacific’s oil and gas industry has been relatively shielded from the recent global economic recession due to continued growth in the demand from China and India. Further, these two countries are expected to drive the growth in Asia Pacific and the global oil and gas industry in the next decade.

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For more details contact:

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