Global downturn will narrow 2009-10 margins, utilizations for Asia-Pacific

The subprime crisis that began in the US continues its domino effect on all sectors, including the oil industry in Asia-Pacific. Slowing economies in the US and Europe reduce the demand for exports from the Asia-Pacific, which in turn reduces manufacturing output, investment, and economic growth in this export-dependent region. Asia-Pacific demand for oil products will decrease by 414,000 b/d in 2009.The extent and duration of the impact of the credit crisis on oil product demand may differ widely among countries, depending on future economic developments and past and future domestic pricing policies. Despite substantial uncertainty, it is critical to reevaluate the outlook for product de...

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