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The Middle East is out of step with the global trend towards reduced burning of oil to generate power, according to the International Energy Agency (IEA). The agency sees Middle East power sector oil demand rising steadily in the medium-term, from 1.9mn b/d in 2012 to 2.4mn b/d in 2019, when oil burning will still provide well over 30% of Mideast power, by far the highest of any region globally (see chart).
“The share of total Middle Eastern demand used in the power sector remains remarkably stable [to 2019], at roughly one in every four barrels,” the IEA says in its latest Medium Term Oil Market Report. However, in percentage terms Middle East oil burning will “slightly decrease” at the expense of nuclear and renewables.
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