Breakthroughs on this and other new technologies will help us reach another great goal: to replace more than 75 percent of our oil imports from the Middle East by 2025.
Europe and the US will become increasingly dependent on the Middle East as an exporter of refined petroleum products over the next 10 years, according to data published on Tuesday.
The figures compiled by the Organisation of the Petroleum Exporting Countries and Wood Mackenzie, the oil analysts, show ambitious refinery building plans in the Middle East are expected to propel its refining capacity above that of Russia and the former Soviet republics, where underinvestment has plagued the energy sector.
Aggressive investment in expanding and building new refineries is forecast to boost capacity in the Middle East by 60 per cent, according to the study published by Wood Mackenzie. This would make the region, chiefly the Gulf, the main exporter of finished petroleum products such as petrol, diesel, heating oil and jet fuel.