Manama - Bahrain's oil minister Sunday warned over political
tension in the region, and called for continued global support from
the world community to help ensure continued stability.
Speaking at the opening of the 15th Society of Petroleum Engineers
Middle East Oil & Gas Show and Conference (MEOS 2007), Minister of
Oil & Gas Affairs and Chairman of the National Oil & Gas Authority
(NOGA) Abdulhussain bin Ali Mirza said instability could affect the
ability of the region to meet increasing oil demand.
'One cannot emphasis enough the need for political and social
stability in this important oil and gas region,' he said.
'It will necessarily require cooperation of the entire global
family members to keep this sensitive part of the world away from any
tensions, conflicts or encounters that may disrupt the regional
balances.'
Mirza's comments come as the diplomatic tension between Washington
and Tehran continue over Iran's nuclear programme.
US Navy officials from the Bahrain-based 5th Fleet Command, who
have recently issued repeated denials of plans to attack Iran, do not
hide their concerns about the possibility of Tehran's use of sea
mines to disrupt maritime traffic in the Gulf.
Mirza also said that he expected demand for oil to increase. 'The
current world oil demand is about 84 million barrels a day,' he said.
'Some time in the near in the not too distant future, when for
instance, India and China attain the per capita oil consumption level
of France, the additional oil required by only these two countries
would be 72 million barrels per day.'
The Energy Information Administration (EIA) estimated, assuming
lower growth scenario, that world oil demand by 2020 would exceed 170
million barrels per day.
Mirza added that he expected oil prices to remain at current
levels in a narrow band as the consumption remains strong in the
developed world and developing economies especially China and India.
© 2007 dpa - Deutsche Presse-Agentur 
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