Europe and the US will become increasingly dependent on the Middle East

Mideast to dominate petroleum products export market

By Carola Hoyos in London
Published: February 13 2006 17:24 | Last updated: February 14 2006 07:51

ImageEurope 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.