Asia to turn elsewhere in next 5 years as Middle East fails to meet oil demand: IEA

Global outfit also affirms the need for continued investments in deepwater oil projects

Published Tue, Mar 28, 2017 · 09:50 PM

Singapore

ASIA will have to turn to other regions to meet its growing oil demand in the next five years as Middle East producers - traditionally the main suppliers - will not be able to meet the region's vast appetite, according to a senior official from the International Energy Agency (IEA) on Tuesday.

The additional oil could come from Latin America, Africa, Russia or Central Asia, resulting in changing flows in the global oil trade, said Keisuke Sadamori, IEA's director of energy markets and security.

Speaking at the Singapore launch of IEA's report on its oi…