Asia-Pacific oil dependence, imports to grow

Crude oil production in the Asia-Pacific region has been flat since the mid-1990s. Despite many uncertainties, the region is more likely to see its long-term production decline rather than increase during the next 10 years. Meanwhile, the share of light sweet crudes in the Asia-Pacific region's total oil production will also continue to decline.The overall use of crude oil is forecast to increase rapidly in Asia, mainly due to rising refinery runs. Much of the rising crude use in Asia will come from imports, currently 59% of the total Asian crude use and projected to increase to an unprecedented level of more than 70% by 2010.The dominance of the Middle East in satisfying Asia-Pacific...

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