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As the inspiration and initiative of Shri Mani Shankar Aiyar, Minister (Petroleum & Natural Gas), the Ministry of Petroleum & Natural Gas is organizing a Minister level Round Table Conference between Principal buyers and sellers of Oil in Asia in New Delhi on 6 January 2005. The round table is the first of its kind for Asia and is particularly appropriate in the backdrop of recent volatility and high oil prices in the international oil markets.
The round-table conference, will not narrowly concentrate on issues of marketing alone but more broadly deal with the theme of stability, security and sustainability through interdependency in the Asian oil economy considering the dramatically altered international scenario at the commencement of the 21st century in which Asian buyers account for about two-thirds of global purchases of oil produced in Asia; the importance of preparing an oil products markets geared to these emerging realities; mutual investment to increase Asian output of oil and gas; and the possibility of institutionalizing an Asian dialogue in the context of the emerging power of Asia in the global oil economy.
Asia has emerged as a major oil consumption center, with the present consumption being around 40% of total world consumption of around 82 million barrels per day. As per the estimates, against the increase in global oil consumption of around 3.3% in 2004 over 2003, the Asian consumption increased by over 5%. West Asia produces around 22 million barrels per day of crude, which is more than 26% of total global crude production and about 46% of traded crude. 64% of West Asian crude supplies came to Asia during 2003. As Asia is projected to continue to be the dominant consuming center in the next 20/25 years (projected oil consumption in 2025 is about 43% of global consumption) and West Asia is projected to be major supplier of crude (projected crude production in 2025 is about 31% of global production), the interdependence between the two cannot be overstated.
There would be Minister level participation in this conference from Saudi Arabia, Iran, Kuwait, Malaysia, Oman, UAE, Qatar and Japan. Besides these countries, there would be delegations from China, Korea and Indonesia. There would also be participation from OPEC(oil producing exporting countries), IEA (International Energy Agency) and IEF (International Energy Forum). On the sidelines of this Conference, we would also have bilateral meetings with different countries for furthering cooperation in the hydrocarbon sector.
RCJ/KC/round table of asian ministers (5.1.05)
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