India, China make competition for oil intense
Friday, 12 November 2010, 06:14 IST
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Dubai: Demand growth in China and India makes the competition for available oil resources more intense, as oil demand growth in these countries will be over half the growth in global demand between 2025 and 2050, experts at a conference here said. According to panelists at the 16th Annual Energy Conference organised by the Emirates Center for Strategic Studies and Research (ECSSR), this demand will spread to all other forms of energy and will have enormous impact on markets for exportable oil. These nations will depend on imports for three quarters of their consumption by 2035, by which time the US, Japan, OECD Europe, China and India will need imports of over 40 mbpd, a 25 per cent increase from 2005. There will be insufficient oil to satisfy global needs by then. This will make the competition to secure oil supplies extremely intense.
Source: PTI
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