Oil and gas supply demand outlook in asia pacific to 2020 – growing appetite for oil and gas changing the global consumption outlook

Posted By on July 17, 2010

 

Asia Pacific's natural gas demand is forecast to grow strongly between 2010 and 2020. During this period, natural gas demand is expected to grow at an AAGR of 4.3%, largely driven by demand growth in China and India. Crude oil consumption is also expected to witness considerable growth of 1.3% on average per year in the same period. This strong growth of oil and gas demand will provide the impetus for huge investments in the midstream and downstream sectors of Asia Pacific in the next decade.

China will remain the leading crude oil producer in Asia Pacific despite declining production. China's crude oil production is expected to decline at an average annual rate of 3.7% between 2010 and 2020. Despite its production declining at such an alarming rate, the country will produce more than thrice that of the next largest producer, Malaysia, in 2020.

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India will emerge as the second largest crude oil consumer in Asia Pacific by 2013. Currently, India is the third largest oil consumer in Asia Pacific after China and Japan. Driven by strong growth in GDP, India is expected to witness the largest oil consumption growth rate in Asia Pacific between 2010 and 2020. On the other hand, Japanese crude oil consumption will decline at an average annual rate of 0.7% in the same period.

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