Industry News
Asia's oil import volume will double by 2035
Posted: 09/17/2014 16:29:30  Hits: 559
Dongxuan Pu, senior economist of Asian Development Bank (ADB), said on 12th this month that the future energy self-sufficiency ability in Asia would decline further. By 2035, Asia's oil import volume will exceed more than 30 million barrels a day, which is three times than the current level. Besides, the oil import volume from the Middle East will further increase.
The above statement that Dongxuan Pu made is on the “Asian Energy Challenge - the Key Issues and Policy Choice” seminar held on the very day. He added that if Asia continued to maintain 6% growth, it would need to consume large amounts of energy. In consideration of the short supply of the alternative energy in the short run, the traditional fossil energy will be the main force continuing to support economic growth. Coal consumption in Asia in 2035 is expected to increase 81%, and oil consumption will double. Demands for natural gas will triple.
According to the new book Asia’s Energy Challenge released by the Asian Development Bank on the day, there are only three countries in which energy can be supplied themselves in 2035. The three countries are Kazakhstan, Azerbaijan and Brunei Then, the self-sufficiency rate of China's energy will be over 50% at the appointed time.
For shale gas development in China, Minzhu Li, senior economist in the Asian Development Bank, said that despite a large shale gas reserves in China which accounts for about 20% of the world, difficulties of China's shale gas development were enormous for the uncertainty of technology, such as water pollution, leakage, etc and shale gas is mostly located in densely populated areas. It is expected China can not fully develop these resources in short term.
Asia's oil import volume will double by 2035