Middle Eastern oil producers face a mountain of challenges in the next two decades as Russia and South America strive to replicate the U.S. shale oil boom, while demand jumps in the region’s domestic markets. Oil company BP said in its influential annual outlook issued on Wednesday that Middle East energy use will grow by 77 per cent by 2035, double the increase in production, meaning as little as 65 per cent of oil output will be available for export, down from 72 per cent. This could put additional pressure on government budgets of countries such as Saudi Arabia that depend on oil export revenue, at the same time as supply from shale oil and other non-conventional sources meets the bulk of global demand growth. BP expects Russia and South America to join the United States in tapping shale oil over the next two […]