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Key Middle East oil producers are set to ramp up their global market share from the 2020s, with the region’s output rising to 34mn b/d by 2035, from 28mn b/d now, the IEA says in its latest report. But this will only happen if their required $3.3 trillion investment is made in a timely manner: state oil sector dominance in Gulf countries, combined with competing demands on the public purse, mean there is a real threat this will not come to pass.
The International Energy Agency (IEA), the energy arm of the OECD group of developed countries, says in its ‘World Energy Investment Outlook’ special report released on 3 June that Middle East production is set to rise strongly from the mid-2020s “after a slight lull caused by the continued rise in tight oil and other non-OPEC supplies.”
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