{"id":9614,"date":"2015-07-01T07:47:43","date_gmt":"2015-07-01T12:47:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9614"},"modified":"2015-07-01T07:47:43","modified_gmt":"2015-07-01T12:47:43","slug":"asia-depends-on-middle-east-for-66-of-its-oil-imports","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9614","title":{"rendered":"Asia depends on Middle East for 66 % of its oil imports"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/crudeoilpeak.info\/asia-depends-on-middle-east-for-66-pct-of-its-oil-imports\" rel=\"bookmark\">Asia depends on Middle East for 66 % of its oil imports<\/a><\/h3>\n<p>This post uses data from the inter area oil movement section of the BP Statistical Review published in June 2015. It is a continuation of an earlier post on Asian oil consumption and production<\/p>\n<h4><strong>Global trade and Asia\u2019s share<\/strong><\/h4>\n<p>Total global oil trade steadily increased by 4.7% pa up to the US recession year of 2007, stagnated through the financial crisis but resumed growth in 2010, albeit at a much lower rate of 1.4% pa. In 2014, growth was only 0.5% while the volume of trade reached a record high of 56.7 mb\/d.<\/p>\n<p><a href=\"http:\/\/crudeoilpeak.info\/wp-content\/uploads\/2015\/07\/Global_vs_Asia_trade_2001_2014.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7217\" title=\"Global_vs_Asia_trade_2001_2014\" src=\"http:\/\/crudeoilpeak.info\/wp-content\/uploads\/2015\/07\/Global_vs_Asia_trade_2001_2014.jpg\" alt=\"\" width=\"566\" height=\"415\" \/><\/a><\/p>\n<p align=\"center\">Fig 1: Global oil trade and Asian oil imports<\/p>\n<p>22.9 mb\/d (40% of the global total) were imports into Asia, a whopping 9.6 mb\/d up from 13.4 mb\/d (30%) in 2001. That is +740 kb\/d pa. Where did this oil come from?<\/p>\n<p><a href=\"http:\/\/crudeoilpeak.info\/wp-content\/uploads\/2015\/07\/Oil-trade-2014.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7218\" title=\"Oil-trade-2014\" src=\"http:\/\/crudeoilpeak.info\/wp-content\/uploads\/2015\/07\/Oil-trade-2014.jpg\" alt=\"\" width=\"555\" height=\"381\" \/><\/a><\/p>\n<p align=\"center\">Fig 2: Asian oil imports as part of global oil trade<\/p>\n<p>Out of these 22.9 mb\/d of Asian imports some\u00a0<strong>15.1 mb\/d or 66% came from the Middle East, making Asia absolutely vulnerable to what is happening there.<\/strong><\/p>\n<p><a href=\"http:\/\/crudeoilpeak.info\/wp-content\/uploads\/2015\/07\/Asia_oil_imports_by_region_2001_2014.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7219\" title=\"Asia_oil_imports_by_region_2001_2014\" src=\"http:\/\/crudeoilpeak.info\/wp-content\/uploads\/2015\/07\/Asia_oil_imports_by_region_2001_2014.jpg\" alt=\"\" width=\"583\" height=\"435\" \/><\/a><\/p>\n<p align=\"center\">Fig3: Asia oil imports time series<\/p>\n<p>After the financial crisis in 2009 Asia\u2019s total imports increased by an average of 4.7% pa (2014: 3.4%) while \u00a0imports from the Middle East increased by only 2% (2014: 1%).\u00a0 This means that Asia has diversified its imports into West Africa, the Former Soviet Union, South &amp; Central America and others. The share of the Middle East of total imports has therefore decreased from 73% in 2010 to 66% in 2014.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asia depends on Middle East for 66 % of its oil imports This post uses data from the inter area oil movement section of the BP Statistical Review published in June 2015. It is a continuation of an earlier post on Asian oil consumption and production Global trade and Asia\u2019s share Total global oil trade [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[6657,130,6292,240,312,328,6063,3761,588,1264,6658,805,827],"class_list":["post-9614","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-bp-statistical-review","tag-china","tag-crude-oil-peak","tag-economic-growth","tag-financial-crisis","tag-fossil-fuels","tag-global","tag-global-trade","tag-oil","tag-recession","tag-south-east-asia","tag-trade","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9614"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9614\/revisions"}],"predecessor-version":[{"id":9615,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9614\/revisions\/9615"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}