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The 2nd Gulf Intelligence Energy Markets Forum

24 September 2012

Dubai, United Arab Emirates

Secretary General Aldo Flores spoke at and participated in the 2 in Dubai. The Forum Theme: "Rise of the East of Suez” considered the implications of the on-going shift of the centre of economic gravity from the Atlantic to the Pacific will have major implications on trade, finance, investment, energy consumption, corporate strategy and geopolitical developments – Who are the winners and losers with this power transfer and how should the energy markets adapt to this shifting landscape? Dr Flores took part in the panel discussion and Q&A on 'Meeting East of Suez Demand'. Panellists discussed the implications for producers and consumers considering the evolving regional supply and demand patterns relative to the status quo. The new Silk Road is expected to  account for 75% of every extra barrel of oil produced or consumed over the next decade with the region’s oil consumption slated to rise from 26% to 39% of the world’s total consumption by 2030. China and India will be the largest consumers. The region accounts for 68% of the world’s oil reserves, and its share of the world’s oil production is expected to rise from 30 to 37%.