Asia to Account for 64% of Oil Demand Growth in 2023, 2024: S&P

Asia will account for 64% of global oil demand growth in 2023 and 2024, said Kang Wu, global head of demand research at S&P Global, said, while the focus will be on affordability, heads of Asian energy companies said during APPEC.

• Asia's net oil imports will rise to 29.1 million b/d in 2023 from 27.9 million b/d in 2022 and 27.8 million b/d in 2021, Wu said.
• The top priority of Asian and African countries has become affordability and will be the primary focus for many years to come, Prasad K Panicker, chairperson & head of refinery at Nayara Energy, said.
• For some of the fast-growing Asian economies, their main concern is the high prices with OPEC+ production cuts and the ongoing geopolitical tensions posing upside risks in the near-term future, said Disathat Panyarachun, CEO of PTTOR.
• To support the end-users desire for affordable energy in fast-growing economies in South Asia and Southeast Asia, finding ways to import crude oil and other feedstocks in a most economical manner is crucial for refiners, delegates said during the panel at APPEC.
• "We are trying hard to diversify our [crude import] portfolio and the ultimate goal is to reduce our heavy reliance on Middle Eastern sour crudes," Panyarachun said.