(MENAFN) Due to the rise of the Islamic State (IS) in Iraq and Syria, a shortage in oil is expected to transpire in the next ten years, according to the International Energy Agency's (IEA's), Arab News reported.
Middle East oil producers will need to rise for the occasion and adequately meet the rise in consumption. Iraq alone is forecasted to contribute 50 percent of the additional oil needed.
According to IEA's most recent analysis, oil and gas investment will fall a record 17 percent in 2015 to about USD580 billion, IEA's chief economist said.
'The appetite for investments in the Middle East is close to zero, mainly as a result of the unpredictability of the region,' he added.
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