May 14 - Developing economies are in the driver’s seat, says the IEA’s Maria van der Hoeven, as rising oil consumption in those regions lead to a shift in the balance of power from the west to the east.
Will the oil in the house behind it -- changing and moving east with me now to talk about this is the Chinese. Eggs -- direct and Korea and I haven Maria thanks so much for joining us. We just happy medium term oil market reports out. At first time ever this question on OECD economies will overtake a BCD nations in twelve months. What are the changes. As a result of this. One as a result of this weakened -- because he changes in trade toast we can also see changes in trade flows -- not -- crew capitals and refined products. We will see changes in web refineries will be. Will be placed. It's all going to new markets and the new markets out of the -- how he countries and then if he's not noticed any countries are east to west. I'm not only Asian markets but also African and I think this is a very different importance changed. But it also means it's changed up -- That -- show us -- not only women's not everybody can -- -- going to ski suit all the witness and who have been like she uses. Well one of the -- of course is the United States because they have a huge seuss' resurgence in in order production. In different types of production in in convention -- convention LT a production -- so that's one of the big game changes. And the other big game changes is China and Asian countries -- the demand side but of course in between this unit. In between this year I -- to -- in unit that that is it's well they have the problems with the financial crisis. The problems this is the economic recovery and that of course talent importing countries via. Most of the important countries I don't think it will be very very. Necessary for Europe to see what's going home in just changing map of energy bill or Owen Wilson -- a -- -- night. Now you're still struggling. Recession. America's you say North America increasing supply and there. China you know shift in net gear and tens of their growth. What is this whole thing to do for the time gets the output in supplying talk it's painful path. Well what you can see the obvious that the two chinas to moms and ultimately -- -- on but the adults so India's demand is huge it's. They also state for energy and appeals to concede is that China China Chinese companies China. Is is 380 and investing in other countries to save gobs of gas supply. This is something about -- suspending meaningful and it's again Bob -- changing changing energy. Now a lot of the yen to cool at the conference today was about refining capacity. And how this is also moving east so what kind of refining capacity on I'll be looking tax increase. And how a second effect refinements saying Europe. At this moment we are looking in Ann Ann Ann Inaba IAEA is study out of refining capacity unit of post ups refining capacity Europe it's is. Rather old let's put it let's put it like out. So that means there will be the question of new investments and where to build 2222 -- to some assessments for this refining capacity that's once. What agency is -- refining capacity moves more towards the production countries themselves. That means that's the that it. Well importing countries team of the countries that import products. Well be more dependent because import products over the product definition will also be faithful and important for refineries have to --