View of part of the Fujairah Corniche and the Hajar Mountains in the Background

Sunday, February 17, 2008

Gulf States Guzzling Gas and Oil

Kamel Al-Harami, says the Gulf must curb its oil demand.

The Independent Oil Analyst, says:

“The Middle East Gulf oil producers should do something about their increasing oil and gas demand. The demand of seven Gulf States, including Iran, is going to exceed six million barrels per day over the next few years. At such a rate, our own refining capacity may not cope with our rate of consumption which will reach nearly 30 per cent in the next two years. Today most Gulf States are net importers of oils, particularly of motor gasoline. Iran, Saudi Arabia, United Arab Emirates and Iraq are importing almost all finished petroleum products. Bearing in mind that Iraq is still not stable, its demand for oil in times of prosperity will be far more than that of Saudi Arabia and Iran. "

“We all know that China is the main factor behind the growing demand for oil but no one is publicly commenting on the growing demand of the Middle East Gulf countries whose annual demand is as big as that of China. China’s demand is growing at 6 per cent while our Gulf States are very close behind with 5 percent growth.”

Read this article further to get an idea of what Middle Eastern countries are paying at the gas pumps, in relation to other regions and the writer’s plea not to consume oil willy-nilly because it pours out from under their sand.

Link: Kamel Al-Harami, Gulf must curb its oil demand, Arab Times, 17 February 2008.

Dr. Geoff Pound

Image: “the writer’s plea not to consume oil willy-nilly…”