The Middle East now has its largest share of global oil markets since the 1970s and over the next two decades the region is expected to supply three-quarters of global demand growth.

In an interview with the Financial Times, the head of the International Energy Agency (IEA) said that Middle Eastern producers now have the biggest share of world oil markets. “The Middle East is reminding us that they are the largest source of low-cost oil,” said Fatih Birol, executive director, IEA.

The Middle East pumps 31 million barrels a-day, which accounts for 34 per cent of global output.

Regional output increased by 5.4 per cent – the fastest of any region – driven by significant increases by Opec producers Iraq, Saudi Arabia, the UAE and Iran, according to UK-based BP’s annual energy review that was released in June.

In 2105, the region produced an average of 30.1 million barrels a day (b/d) of oil, including crude and natural gas liquids (NGLs), compared with 28.6 million b/d in 2014.