Sunday, December 13, 2009

DUBLIN (Commodity Online): In recent times, the oil consumption in Asia Pacific region is showing tremendous growth while production is not meeting requirements in most countries leading to larger imports, according to Research and Markets.

Quoting from the latest India Oil & Gas Report from BMI, the research agency said that India will account for 13.19% of Asia Pacific regional oil demand by 2014, while providing 10.48% of supply.

Asia Pacific regional oil use of 21.40
mn barrels per day (b/d) in 2001 reached an estimated 25.44mn b/d in 2009. It should average 25.93mn b/d in 2010, then rise to around 28.99mn b/d by 2014. Regional oil production was just under 8.41mn b/d in 2001, and averaged an estimated 8.50mn b/d in 2009. It is set to increase to 8.59mn b/d by 2014.

In 2001, the region was importing an average 12.99
mn b/d of oil. This total had risen to an estimated 16.94mn b/d in 2009, and is forecast to reach 20.41mn b/d by 2014. The principal importers will be China, Japan, India and South Korea. By 2014, the only net exporter will be Malaysia In terms of natural gas, in 2009 the region consumed an estimated 459bn cubic metres (bcm) and demand of 582bcm is targeted for 2014


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