The long-term supply/demand trend of world energy and the current oil situation in the Asia

Total world primary energy consumption excluding the FSU increased by 2.9% in 1995, which is somewhat above the 10 year average rate of 2.4%. This reflected strong economic growth in most parts of the world. The increase in demand confirmed the recovery of the link between the economic growth and consumption of primary energy, which broke down in the period of oil crises. Oil demand in the Asian Emerging Market Economies has continued to be very strong. Oil demand has doubled in a decade in this region and is now one sixth of world consumption. Malaysia was the fastest growing oil market in the world in 1995 at 15.5%. In volume terms, S. Korea grew the most in the world by 170,000 b/d, closely followed by China and India. Because of the fast growing oil demand, many energy economists expect a tight supply situation in the Asian oil market in the early 21st Century. However, recent technological developments would be able to supply crude oil appropriate for an increase in oil demand. (author)