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Accenture's oil market message. (The Meed Interview).

Publication: Meed Middle East Economic Digest
Publication Date: 14-FEB-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
MEED: How far will US efforts to reduce dependence on Middle Eastern oil be effective?

Mowat: In the end, countries will sell oil to whoever wants to buy it. However, there is domestic political pressure in the US to reduce dependence on the Middle East in general and Saudi Arabia in particular. That could translate into an attempt to increase supply from other places. For example, Russia is now building a year-round port at Murmansk to supply the US.

MEED: What role will Caspian oil play in this process?

It won't be as important as the Middle East, but it is still important. The three regions that will become bigger suppliers over the next 20 years are the Middle East, the Caspian and West Africa, probably in that order. If the US doesn't want to rely on the Middle East, it will build up the Caspian more quickly and strongly than it might otherwise, and it seems logical...

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