|Subject||Asia's Oil Bill Rises 133% in 6 Years
|Writer||Lee Min Jung
Tuesday, 05 December 2006
<br />A SURGE in oil consumption coupled with rising oil prices has caused the Asia Pacific region's oil import bill to rise<br> by 133% since 2000 to reach US$287 billion in 2005, according to leading oil industry analyst John Westwood.
<br />Addressing diplomats and leading members of Singapore's business community at a British Chamber of Commerce<br> Business Breakfast today, held on the occasion of the Offshore South East Asia (OSEA 2006) conference, Mr. Westwood<br> of international energy analysts Douglas-Westwood outlined the scale of the oil supply problem that is building, <br>driven by the relentless growth of the developing economies in the region.
<br />“Over the years since 2000, Asia Pacific's oil reserves have fallen by 6% whilst its production has virtually remained<br> unchanged. However, a 15% growth in consumption has increased oil imports by 24%. This extra oil demand has<br> been a major factor in pushing up global oil prices and the cumulate effect has been an oil import bill which we<br> estimate has risen from US$123 billion in 2000 to US$297 billion in 2005”, said Westwood.
<br />He added: “The ‘oil supply gap' – the difference between oil production and demand – has near tripled, from 12.9 <br>million barrels per day in 2000 to 15.9 million barrels per day in 2005. And still oil demand grows.”