Shana: Iran-Asia Potential Energy Market
Asia is home for some of the biggest crude oil consuming countries. Asia Demand growth pace is faster than any region else and amounted to more than 1 million barrel per day in the first five months year on year.
Saeid Khoshrou, Deputy General Manager of National Iranian Oil Company's International Affairs for Product Marketing, addressed the 2016 Asia Energy Cooperation Forum in Chongqing about the demand for crude oil in Asia. The following is an excerpt of his address.
Asia crude Demand at a glance
Asia is home for some of the biggest crude oil consuming countries. Asia Demand growth pace is faster than any region else and amounted to more than 1 million barrel per day in the first five months year on year. China is the second largest economy in the world with an apparent demand of around 12 mb/d. As the top Asian importer of crude oil, China has imported some 8 mb/d recently where more than 52% came from Middle East. Indian oil demand continued on its growth path and added to 280 kb/d y-o-y, while the country as the second Asian market for crude oil, imported around 4 mb/d from which more than 60% produced in Middle East. South Korea oil demand is reported to increase 250 kb/d in the last five months compared to the same period last year. According to the latest data from Korea National Oil crop., the country imported about 3 mb/d on average, an increase of 14% m-o-m. Going to Japan as the third oil consumer in Asia, the country’s oil import has decreased steadily over the years. However, it is still one of the main destinations for crude came from M.E with an import of around 3.5 mb/d. Having this picture in mind, it is not surprising that Middle East Producers are increasingly focusing on Asia Market.
Iran is well-known by its practical and potential role in the oil and gas market. 35tcm gas and 157 mmb crude reservoir has brought a strategic position to this country. Iran has been a key member of OPEC with the current crude production of around 3.9 mb/d and more than 2.5 mb/d as export. Iran has boosted crude oil production and exports due to the new political environment in the country and international relationship. MORE