Asia's demand for oil to double by 2030: OPEC

Asia
Asia's demand for oil to double by 2030: OPEC
By DPA, Mar 22, 2007 - 5:35:33 PM

Bangkok, March 22 - Asia's demand for oil will nearly double over the next 25 years and will account for 85 percent of the increased demand in 2007, Organization of Petroleum Exporting Countries - officials said Thursday at an energy conference here.

'The highest annual average rates of growth in oil demand are expected to occur in Asia during this 25 year period, with demand in China and South/South-East Asia collectively being around two and half times the global average of 1.4 percent,' said Mohamed Bin Dhaen Alhami, Minister of Energy of the United Arab Emirates, in his opening address to the two-day regional seminar.

'To put it in another way, China and South/South-East Asia collectively accounted for around 17 percent of world oil demand in 2005. The OPEC scenario projects this to rise sharply to around 29 percent in 2030,' said Alhami, who is also president of the OPEC Conference.

The Bangkok conference is one of many such events OPEC is joining in Asia, where the 11-member petroleum organization is trying to cultivate a better dialogue with their fastest growing markets.

'At OPEC we believe that effective multilateral dialogue is essential if the global oil industry is to develop in a sound and orderly manner, benefiting producers and consumers alike and with a heavy emphasis on the special needs of emerging economies,' said Hasan M. Qabazard, director of OPEC's research division.

The sudden interest in the region has been kindled by a shift in economic growth, and hence the demand for oil, from the developed world to the fast developing economies in Asia.

'This year, we expect an increase in demand worldwide of 1.3 million barrels a day, with around 85 per cent going to go to Asia,' Qabazard told DPA.

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