P.M. BRIEFING : Asia Paces Surging Demand for Oil
NEW YORK — Demand for oil in the non-communist world is expected to hit its highest level in a decade this year, according to the Energy Information Agency, and industry analysts say Asia’s thirst for energy is the chief factor.
“The Asia Pacific Rim is the engine of growth for world oil demand,†said Edward Krapels, president of Energy Securities Analysis Inc. “It is the strongest growing region.â€
The region, which includes Japan and Australia as well as the fast-growing economies of South Korea and Thailand, consumed about 7.1 million barrels of oil a day in 1988, about 7% more than in 1987, according to Helen Gallagher, an economist with Caltex Petroleum Corp.
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