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GDRFA centres across the emirate will be closed for the Prophet's birthday, the authority announced
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‘World oil trade to double in next 25 years’
LONDON - World trade in oil will double over the next 25 years, intensifying pressure on supply chokepoints which threaten security of international flows, the International Energy Agency (IEA) said yesterday.Inter-regional oil trade will more than double to over 65 million barrels per day (bpd) in 2030, the IEA said in its World Energy Outlook.
Rising demand in developing economies, especially Asia, will increase the world’s vulnerability to supply disruptions, the IEA said. Concern over potential problems in key producers Iraq, Nigeria, Venezuela, Saudi Arabia and Russia have helped fuel this year’s 70 per cent oil price surge. “As international trade expands, risks will grow of a supply disruption at the critical chokepoints through which oil must flow,” said the IEA, which advises 26 industrialised nations on energy policy. Exports from the Middle East will nearly triple to 46 million bpd from an estimated 17 million in 2002, the IEA said. The surge in Gulf exports steepens after 2010 and by 2030 the region will be responsible for two-thirds of global oil trade. A total of 26 million barrels already pass through the Straits of Hormuz in the Gulf and the Straits of Malacca in Asia every day, it said.
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