Ibrahim al-Muhanna, an adviser to Saudi Arabia’s Petroleum Ministry, said India, Russia and Brazil would become “major” oil consumers over this decade and that the share of Saudi crude shipped to Europe will decrease. “Within 10 years, if the trend of current economic growth continues, there are likely to be three additional major consumption centers: India, Russia and Brazil,” al-Muhanna said. “International oil demand will become more highly diversified.”
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