Gulf must curb its oil demand

The Middle East Gulf oil producers should do something about their increasing oil and gas demand. The demand of seven Gulf States, including Iran, is going to exceed six million barrels per day over the next few years. At such a rate, our own refining capacity may not cope with our rate of consumption which will reach nearly 30 per cent in the next two years. Today most Gulf States are net importers of oils, particularly of motor gasoline. Iran, Saudi Arabia, United Arab Emirates and Iraq are importing almost all finished petroleum products. Bearing in mind that Iraq is still not stable, its demand for oil in times of prosperity will be far more than that of Saudi Arabia and Iran.


We all know that China is the main factor behind the growing demand for oil but no one is publicly commenting on the growing demand of the Middle East Gulf countries whose annual demand is as big as that of China. China