April 2009

Trends and Resources

HP Impact: HPImpact: Asia's thirst for oil likely to swell again, but when?

Over the past decade, Asian demand growth has been a critical driver of the global oil market—typically accounting for about 40% to 50% of global incremental demand. In 2003–2004, a surge in..

Weirauch, Wendy, Hydrocarbon Processing Staff

Over the past decade, Asian demand growth has been a critical driver of the global oil market—typically accounting for about 40% to 50% of global incremental demand. In 2003–2004, a surge in Asian demand stretched global oil supply, setting the stage for a four-year price run-up. During 2006–2008, the market focus was on supply constraints, but attention quickly switched back to the demand side when OECD oil consumption collapsed as the impact of the credit crisis spread. "For a time, some thought Asia's developing economies (and oil demand) would emerge relatively unscathed, but it is now obvious that the region is suffering as the scope of the crisis has broadened," report

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