The International Energy Agency (IEA) and OPEC both see the Middle East’s recent refining surge continuing through 2040. In their first forecasts to 2040, the IEA sees the Middle East share of global refinery throughputs rising from 8.5% to 12.2%, while OPEC sees a hike from 8.1% to 11.5% (see Table 1).
The IEA’s World Energy Outlook (WEO) 2014 envisages Middle East refinery throughputs rising from 6.6mn b/d in 2013 to 8.5mn b/d in 2020 and 10.6mn b/d in 2040. OPEC’s World Oil Outlook (WOO) 2014 (MEES, 7 November), sees runs of 8.1mn b/d in 2013, 10.7mn b/d in 2020, and 11.5mn b/d in 2040. (CONTINUED - 589 WORDS)