13 March 2012 11:10 [Source: ICIS news]
SAN DIEGO (ICIS)--Asia and the Middle East will be the growth engines of oil consumption in the next five years, as growth weakens in Europe and the US, an industry consultant said late on Monday.
Oil refining capacities are rising rapidly in Asia, especially in China, in parity with the growth in regional demand, said Karl Bartholomew of KBC Advanced Technologies.
Bartholomew was speaking at the annual meeting of the American Fuel & Petrochemical Manufacturers (AFPM), which ends on Tuesday.
In addition, there is excessive capacity in the Middle East, Bartholomew added.
Europe and the US are phasing out inefficient assets, while they improve their comprehensive refining capacities, he said.
The expansion of refining capacity in Latin America is lagging behind the growth in demand, he added.
Under such circumstances, the Middle East will replace Europe as the traditional exporter of petroleum products and Asia will be exporting more to Europe and the US, Bartholomew said.
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