West at risk of losing oil money

With Kuwait, Abu Dhabi and Qatar saying they plan to channel more of their revenue from oil sales into Asian countries to lift returns and strengthen ties with their fastest-growing customers, concerns are growing that the United States and Europe will lose investment.

Officials from the Gulf monarchies, which sold about $300 billion worth of oil last year, said in interviews at the World Economic Forum’s annual meeting last week that they intended to tap economic expansion in India and China.

International Herald Tribune