Southeast Asia's oil bill to climb to US$240 billion by 2035: IEA
AFPBANGKOK--Southeast Asia's huge appetite for energy will see its bill for imported oil surge to US$240 billion by 2035, leaving nations exposed to price shocks, the International Energy Agency warned Wednesday.
October 3, 2013, 12:11 am TWN
The region will guzzle more than 5 million barrels of oil per day — double current levels of consumption — to fuel its breakneck economic growth, the IEA said.
Total energy demand is expected to increase by more than 80 percent over the same period, according to the agency.
The 10 members of the Association of Southeast Asian Nations will need to invest a total of around US$1.7 trillion in energy-supply infrastructure between now and 2035, it predicted.
It forecast the region would become the world's fourth-largest oil importer, after China, India and the European Union.