Middle Eastern demand for natural gas is likely to rise faster than supply over the next five years, forcing one of the world's biggest gas reserve regions to import more, the International Energy Agency (IEA) said on Tuesday.
The IEA expects Middle East gas demand to rise by 79 billion cubic meters (bcm) or 20 percent from 2011 to 2017, outstripping incremental supply in the region by 7 bcm as low gas prices encourage consumption and discourage production.
"Middle East gas production is expected to serve exclusively the regional gas market needs in the medium term ...Exports from the Middle East are expected to remain flat," said the agency, which advises industrialized countries on energy policy.
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