By: Sreyanshu Padhy --
26 September, 2013
With approx. 45% of all crude oil produced coming from OPEC, there is a visible change in the strategy of Middle east oil producers . Over the last 5 years export of refined products has grown to reach 50% of the total output from middle eastern refineries. With majority of the product going to the developing Asia Pacific Market and exports from Middle East growing at 10% year on year, Middle east is trying to gain more value from its crude oil production by increasing its product exports.
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