The U.S. energy boom is exciting, it's notable, and it could change the world. At the same time, there are still plenty of places around the world that will need to import oil. The major supplier of that demand has been, and will continue to be, the Middle East. The nations that constitute the Middle East produce about 30% of the world's oil, and some countries in the region are looking to step up their game.
The biggest plans to increase production in the Middle East right now focus on Iraq. Ministers in the country hope to triple production by the end of the decade. Thanks to sizable investments from the big integrated oil majors and oil services companies, it's possible that the country might meet that goal.
Demand in some parts of the world may be waning, but growth elsewhere in the world more than makes up for it. The big market for more oil will be in developing nations, most notably Brazil, China, and India. As long as these countries continue to grow at a staggering pace, they will need oil to fuel that engine. Tune into the video below where Fool.com contributor Tyler Crowe check in with Fool analyst Joel South to discuss the prospects for Middle Eastern oil production and assess the demand from emerging countries.
