The relatively ample oil supply and resultant low oil price for the last decade have lead to the strong worldwide growth of oil demand, especially in the Asia-Pacific region. The rapid economic growth seen in this region is accelerating the demand growth, and the Asian oil market is forecast to become the biggest in the world early in the next century.
The following report summarizes the global oil situation surrounding the current oil industry, along with the corporation strategies of international oil majors, the effects of global trends towards the oil market de-regulation and strict environmental standards. Oil-related issue in the Asia-Pacific region is discussed in conjunction with the assessment of regional oil supply-demand balances for the next decade.
