According to the OAPEC, the reason behind the rise is because many regional countries are switching to gas for power generation.
The report, which focussed on the future energy consumption in the Middle East, stated, “The bulk of the demand growth will be recorded in the UAE, Saudi Arabia, Egypt and other countries with relatively high energy consumption and steady growth in their industrial sector.”
“Between 2005 and 2015, consumption of oil products, excluding those used in power generation, is projected to grow by around 1.6% from 3.4 million barrels per day to 3.9 million bpd. Gas demand is [also] expected to surge by 3.5% from 3.5 million bpd equivalent to around 4.9 million bpd/e in the same period,” added the report.
OAPEC forecasts that total energy consumption for the region – and the figure includes the use of oil, gas, coal and other sources – will also grow. It predicts that consumption will rise to 7.1 million bpd next year, grow to 8 million in 2010 and rise to 9.19 million by 2015.
