Gas crunch likely as Mideast races to meet local needs

[jpak]

http://archive.gulfnews.com/business/Oil_and_Gas/10116507.html

Dubai: Flush with cash from record oil revenues, Middle East crude producers have spent billions on economic development and now find themselves short of another energy source needed for growth - gas.

The Middle East holds around 40 per cent of the world's gas reserves, but produces only around 10 per cent of global supply.

The gap points to the potential for a jump in future production that the US and consuming countries in Asia and Europe hope would mean higher exports.

But regional demand growth of up to 10 per cent per year is eating into export potential. Widening supply deficits are forcing governments to emphasise meeting domestic needs.

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[Democrats_win]

1. They're like drug dealers getting hooked on their own junk.

[msongs]

2. solar charged cars nt

[bananas]

3. Is that why Haliburton moved to Dubai? nt

[4dsc]

4. Peak oil meets declining exports

There will come a day when these countries will simply not export most of their oil because it will be more valuable to keep. Declining exports will have a bigger effect than peak oil..

[pscot]

5. According toMatt Simmons

the Russians are cutting back on produton for export. Imagine a world in which the Evil Empire is the only place on earth with significant oil reserves.