OPEC, IEA Envisage $175Bn-Plus Mideast Refining Outlay To 2040

OPEC and the International Energy Agency (IEA) have differing views on the long-term investment required in Middle East refining capacity, but over $175bn – equivalent to $6.5bn a year – is the minimum anticipated to 2040. Both envisage regional crude distillation capacity surging to 2040, driven by rising local demand and governments’ search for increased revenues from oil resources.