Despite the many new forms of energy being invested in, the Middle East remains vital to the globe’s energy security as oil and gas output will need to increase. This was the message from the Foreign Office yesterday.
Speaking at a World Affairs Council luncheon at the Federal Reserve Bank in Houston foreign Office Minister Alistair Burt told delegates maintaining relationships in the Middle East was key.
IEA figures predict that global demand for energy will reach over 17 billion tonnes of oil equivalent by 2030, an increase of 40% on current production.
Alistair Burt said: “The Arab World is at a turning point. Political reform is sweeping the region; the economic certainties of its energy wealth are in flux.
“Western countries need to recognise how their relationship with the Middle East and North Africa is changing and maturing. As new energy sources develop and the demand from the East increases, our relationship will be based less on the one-way supply of oil, and more on mutual economic benefit, trade and exchanges.”