Asia Pacific's Oil Bill Soars

January 2007
Pipeline & Gas Journal;Jan2007, Vol. 234 Issue 1, p2
Trade Publication
The article reports on the view of John Westwood of international analysts Douglas-Westwood, concerning oil supply problem in Asia Pacific. According to Westwood, a surge in oil consumption coupled with the rising oil prices has caused the region's oil import bill to rise by 133% since 2000 to reach U.S. $287 billion in 2005. He also pointed out that over the years since 2000, Asia Pacific's oil reserves have fallen by 6% while its production has virtually remained unchanged, however a 15% growth in consumption has increased oil imports by 24%. He further stresses that the extra oil demand has been a major factor in pushing up global oil prices and the cumulative effect has been an oil import bill which they estimate has risen from U.S. $123 billion in 2000 to U.S. $297 billion in 2005.


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