Global energy markets see demand shifting to Asia

The International Energy Agency this week projected that Southeast Asia's net oil imports will jump more than 80 percent by 2035.
by Adam Wilmoth Modified: October 4, 2013 at 7:00 pm •  Published: October 3, 2013
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World energy markets continue to shift.

Four decades after the Arab Oil Embargo, the OPEC oil cartel may be losing its influence on the United States, but increasing demand in Southeast Asia promises to keep producers busy worldwide.

The International Energy Agency this week provided another example of the changing global energy market when it projected that Southeast Asia's energy demand will jump more than 80 percent by 2035.

“Currently the region's per capita energy use is still very low, in part because 134 million people, or over one-fifth of the population, lack access to electricity,” the report stated.

As more of the population gains access to electricity and cars, the region's oil imports are expected to increase to more than 5 million barrels per day by 2035, which is expected make it the world's fourth-largest oil importer after China, India and the European Union, the report stated.

The increased demand is expected to lead the region to spend up to $240 billion on oil in 2035.

Demand is surging in Southeast Asia, China and India just as production is booming in the United States.

The world's largest oil importer for much of the past half-century, U.S. oil production is up 33 percent from 2006 to 2012, according to the U.S. Energy Information Administration.

Increased domestic production has allowed the country to provide 60 percent of its crude oil demand in 2012, up from 40 percent in 2006.

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by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
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