High oil prices dampening Asia-Pacific product demand

12/12/2005
Asia-Pacific petroleum product demand growth in 2004 was unusually strong; incremental demand for oil products was 1.1 million b/d, the highest recorded level in more than 3 decades. In 2005, however, persistent high oil prices have started dampening the region’s product demand.Demand growth will ease to about 700,000 b/d (a 3.2% increase) in 2005 and 800,000 b/d (a 3.5% increase) in 2006, compared to a 5.2% increase in 2004.Asia-Pacific will continue to play an important role in global demand growth-the region will account for 38-46% of incremental global demand during 2004-06.In the long term, the region’s oil demand will grow an average of 3.3%/year through 2010 and 2.7%/ye...
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