December 2005

Trends and Resources

HP Impact: Refined product demand in Asia-Pacific reacts to oil price increases

Asia-Pacific will continue to play an important role in global demand growth: the region's demand growth is forecast to account for 38% to 46% of incremental global demand from 2004 – 2006, says ..

Weirauch, Wendy, Hydrocarbon Processing Staff

Asia-Pacific will continue to play an important role in global demand growth: the region's demand growth is forecast to account for 38% to 46% of incremental global demand from 2004 – 2006, says a new analysis from FACTS Inc. (www.factsinc.net). Long term, the region's oil demand is projected to grow 3.3%/yr through 2010 and 2.7% from 2010 to 2015. China's unprecedented growth in 2004, nearly 800 thousand barrels/day (Mbpd), accounted for over 70% of Asia-Pacific's total. China's growth, together with the US, was almost half the global demand increase in 2004. China's oil demand is projected to increase by 6.7% in 2006 and by an average 5.5%/yr from 2005-2010. Reversing the demand s

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