Global oil demand to increase by 5 mln bpd in 5 years: Kuwait

20:20, April 26, 2010      

Email | Print | Subscribe | Comments | Forum 

Gulf oil-exporter Kuwait said on Monday the world oil demand is estimated to increase by around 5 million barrels per day in the next five years.

"The fastest growth will be in Asia, whose consumption is expected to account for more than 30 percent of the global demand, " Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah told the opening ceremony of the 18th Middle East Oil and Gas Conference in Kuwait City.

Sheikh Ahmad said the Middle East countries that together hold 65 percent of the world's proven reserves will remain the main provider for the growing world demand.

He said China and India will lead the growth in emerging markets, with China's crude imports expected to reach around 7 million barrels per day by 2015.

Kuwait, the fourth largest exporter of the Organization of Petroleum Exporting Countries, has inked an agreement with China to build a joint refinery in China's southern Guangdong province.

Expected to be completed in 2013, the unit would have a crude oil refining capacity of 300,000 barrels per day and produce 1 million tons of ethylene per year.

More than 550 participants, including government officials and oil company representatives, are gathering for the three-day Mideast oil and gas conference focusing on the latest concerns and developments in the oil and gas industry.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion