Asia-Pacific region's oil demand growth strains refining capacity
The rapidly industrializing Asia-Pacific region has become a stand-alone economic force and the world's growth market for oil. Japan remains the region's premier economic powerhouse but no longer its only one. And Asia-Pacific economic fortunes have decoupled from the more-mature economies of Europe and the U.S. The East-West Center, Honolulu, in January projected Asia-Pacific average oil demand growth of 3.6%/year through 1999, nearly double what most economists expect for oil demand growth worldwide. Demand reached 14.5 million b/d in 1992, up 862,000 b/d from 1991. East-West Center analysts project demand of 16.4 million b/d in 1995 and 19.1 million b/d by 2000. Not all analysts expect such rapid growth for the region. Edward N. Krapels, president of Energy Security Analysis Inc., Washington, D.C., told a seminar in Houston during March that demand in Southeast Asia will grow at an average of 500,000 b/d/year. The paper discusses economic strength; regional demand; the pressure on refining; the shortfall seen; an opposing view from the Energy Security Analysis; and construction activity.
- OSTI ID:
- 6166762
- Journal Information:
- Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 91:19; ISSN OIGJAV; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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ASIA
CAPACITY
CONSTRUCTION
DEMAND
DEVELOPED COUNTRIES
ECONOMIC DEVELOPMENT
ENERGY DEMAND
ENERGY SHORTAGES
ENERGY SOURCES
FORECASTING
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
INDUSTRIAL PLANTS
JAPAN
PETROLEUM
PETROLEUM REFINERIES
REGIONAL ANALYSIS
SHORTAGES