Oil rig in East China Sea
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IEA says Asia will consume 90% Middle East oil by 2035

The International Energy Agency (IEA) has predicted that by 2035 nearly 90% of the oil produced in the Middle East will be bought by customers in Asia.

It also said that there will be a dramatic increase in production of oil in the United States.

The agency said that global energy demand will grow by more than a third over 20 years, with China, India and the Middle East accounting for 60% of that growth.

Christopher Fix, the chief executive of the Dubai Mercantile Exchange, told the BBC's Asia Business Report that demand from China was having a growing influence on oil prices.

  • 13 Nov 2012