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Middle Eastern oil investments key to global supply security

The International Energy Agency have said global demand will increase to 104m b/d by 2040

Global energy security will be at risk over the next three decades unless significant investments are made in bringing new supplies online from the Middle East, the International Energy Agency (IEA) has said.   In the IEA's World Energy Outlook 2014 (WEO), released in London on 12 November, the agency said that increasing demand for oil in the transport and petrochemical sectors will drive global crude demand, from 90 million barrels a day (b/d) last year to 104m b/d by 2040. Meanwhile, over the next 26 years the world will become more reliant on Middle East crude as both US tight oil output and non-Opec supply reaches a plateau and then declines from the 2020s. This presents huge risks fo

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