Oil & Gas

In 2006, demand for oil in Asia increased by 336,000 barrels per day (Mbpd). Consumption of oil products in Asia is projected to grow by 2.8% per year between 2007 and 2012, or 4.24 million barrels per day (MMbpd). Between 2007 and 2012, Chinese demand is forecasted to rise 5.2%, or 400–420 Mbpd, a year and Indian demand is expected to grow 4%, or 90–120 Mbpd, a year. However, demand in Japan is projected to decline by at least 700 Mbpd over the same period. Between 1999 and 2007, refining capacity in the Asia-Pacific region has grown by 20% and is estimated at 24.6 MMbpd as of January 2007. FACTS Global Energy predicts that Asian-Pacific refining capacity will increase by nearly 5.2 MMbpd between 2007 and 2012, driven by increased capacity in China and India. Source: Hydrocarbon Processing

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