Crude exports to double by 2030

EXPORT SURGE: Total oil exports from the Middle East are predicted to increase to more than 36 million barrels per day in 2030. (Getty Images)

Middle East crude exports are set to double by 2030, with gas sales predicted to increase by more than six times, an oil analyst was reported as saying on Wednesday.

Total oil exports from the region are predicted to surge from around 18 million barrels per day in 2005, to more than 36 million bpd in 2030, International Energy Forum secretary-general Noe van Hulst told UAE daily Emirates Business 24/7.

“The Middle East was the top oil supplier in 2005 and is expected to remain so in 2030,” the analyst said in a speech sent to the newspaper following an oil conference in Mexico last week.

According to Hulst, the region currently supplies around 22% of the world’s crude oil, with its share expected to increase to more than 30%. Transition economies, including Russia, are expected to increase exports from around eight million bpd in 2005 to 12 million bpd in 2030, while African exports are likely to grow by one million to nine million bpd.

Middle East gas exports are expected to soar from 50 billion cubic metres in 2005, to nearly 300bn cubic metres in 2030, the report said.

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