The Wall Street Journal reported last week that the ties between oil-rich Middle Eastern countries and rising Asian economic powers continue to grow, perhaps ultimately reshaping oil “politics” and ultimately limiting the access to oil from the region by U.S. and Western European countries and companies.

An event called the “Asian Ministerial Energy Roundtable” was held last week in Saudi Arabia, bringing together Asian countries such as China, India and South Korea with the many oil producing countries of the Middle East. A key topic: the need for massive investment to further develop oil production in the region. In the past, that money came from companies in the West. Already, Asian companies and governments are playing a larger role than just a few years ago, and that trend seems likely to accelerate.

Such moves will shift the balance of political power and influence in the region more towards Asia than it exists currently. It is also likely to mean more commitments from state oil companies to provide oil to Asian countries – which could mean U.S. and Western countries will have more difficulty acquiring oil or doing so at a higher price down the road.

Already, more than 60% of Saudi oil shipments go to Asian countries, whose rapidly growing economies are driving huge increases in energy requirements.