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Opportunities for investment will emerge in the Middle East (notably in Iraq, Libya and the United Arab Emirates [UAE]), the terms in the Middle East will have to be really attractive to draw the Western majors away from the ‘open’ potential elsewhere.
New production in North America is competing with Middle East exports. While less affected than Nigeria, which saw its exports to the US almost halved (2011-2012), the OPEC Gulf exporters, too, are concerned about security of demand and markets.
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