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DRIVING THE OIL REVOLUTION
Asia’s oil and its new role in setting the price
DR MICHAEL R.SMITH
Chief Executive,Energyfiles UK
Asia,not including the countries of the former Soviet Union,now uses nearly 30%of the world’s oil but can meet under a third of this demand from its indigenous supply.Two decades ago its production was slightly reduced but then it burned less than half the volume it does now and thus was able to meet over half of its requirements.It imported under 2 billion barrels in 1987 but imported over 6 billion in 2007.With such growth in imports it is hardly surprising that Asia appears to be driving the oil price.