Southeast Asia's net oil imports 'to more than double by 2035'
SINGAPORE (Reuters) - Southeast Asia's net oil imports will more than double by 2035, costing US$240 billion (S$301.3 billion) at today's prices, to meet strong energy demand growth to fuel the region's fast-growing economies, the International Energy Agency (IEA) said on Wednesday.
The IEA, which coordinates energy policy for developed economies, said Southeast Asia's net oil imports will rise to more than 5 million barrels per day (bpd), up from a current 1.9 million bpd, just behind the European Union, India and China.
The 10 countries in the Association of Southeast Asian Nations (Asean) will join China and India in making Asia the world's global energy demand growth centre as per-capita energy use of Southeast Asia's 600 million inhabitants is still very low, at just half of the global average, it added.
"Southeast Asia faces sharply increasing reliance on oil imports, which will impose high costs and leave it more vulnerable to potential disruptions," the IEA said in a release about its special report, Southeast Asia Energy Outlook.