The Middle East will be one of the fastest growing regions globally for gas production over the five years to 2019, according to the IEA. But growth will struggle to keep pace with runaway regional demand.
The IEA’s 2014 Medium Term Gas Report, released this week, revises upwards its forecast issued last year for Middle East gas demand, apparently taking a less optimistic stance that subsidy reforms necessary to reign in over consumption will be enacted anytime soon. Rock-bottom gas and electricity prices have encouraged high demand growth rates and the development of petrochemicals industries dependent on cheap feedstock. (CONTINUED - 536 WORDS)