Asian Oil Demand Growth, 1991-2000
Sources: EIA, Short-Term Energy Outlook, August 2000.
Notes:
At the same time Iraqi oil exports were resuming and even increasing rapidly, Asian oil demand, the main region of growth in the early 1990s, was facing a severe economic crisis. (Asia in this context includes China, Japan, and the rest of Asia.) After averaging more than 0.8 million barrels of oil demand growth each year in the early 1990s, Asian oil demand growth was reduced in 1997 and collapsed in 1998, actually showing a decline of nearly 0.4 million barrels per day. This is actually like having 1.2 million barrels per day less demand than might have been expected (over 400 million barrels in 1998).
But Asian oil demand growth is slowing increasing again.