WSJ:IEA Sees Asia Bearing Burden of Middle East, Africa Oil-Supply Risk
By JACOB GRONHOLT-PEDERSEN and ERIC YEP
SINGAPORE—Asian countries will bear more of the risk of a disruption to oil supplies from less-stable regions of the world as a result of North America's oil-production boom, Maria van der Hoeven, the executive director of the International Energy Agency, said Monday.
The U.S. and Canada are projected to produce more crude oil in the coming decade, making the U.S., the world's top oil consumer, less dependent on oil from the Middle East and Africa. Asian economies, meanwhile, will account for a greater share of exports from the Middle East and Africa, as well as most of the new crude-oil demand, Ms. van der Hoeven said.
So a disruption of supplies from those regions would "touch Asia first," she said during a speech at Singapore International Energy Week.
She noted that Western sanctions targeting Iran's crude-oil exports have been "particularly challenging in Asia," which is already the main outlet for Middle Eastern crude oil
In addition, rising domestic demand in the Middle East will limit the percentage of oil production available for exports from the region, she said.
Write to Jacob Gronholt-Pedersen at jacob.pedersen@dowjones.com and write to Eric Yep at eric.yep@dowjones.com