The Asia Pacific region currently accounts for nearly 30% of global oil demand and has overtaken North America as the world’s largest demand centre with the total oil product demand forecast to grow from over 1500 mt in 2015 to over 2100 mt by 2035. However the rate of demand growth is expected to drop from 2.9% in 2015 to around 1.3% by 2035. Transport and petrochemical sectors continue to be the primary drivers of growth.
China currently accounts for nearly 30% of the total Asia-Pacific oil demand with Japan at about 20%. China’s share is expected to grow to nearly 45% by 2035 while Japan’s share is forecast to drop to less than 10%. By 2035, Asia Pacific will account for more than 50% of incremental world demand and over 35% of global oil demand.