Asean oil bill may hit US$240b by 2035
BANGKOK: Southeast Asia's huge appetite for energy will see its bill for imported oil surge to US$240 billion (RM775 billion) by 2035, leaving nations exposed to price shocks, the International Energy Agency (IEA) warned yesterday.
The region will guzzle more than five million barrels of oil per day - double current levels of consumption - to fuel its breakneck economic growth, the IEA said.
Total energy demand is expected to increase by more than 80 per cent over the same period, it said.
Asean will need to invest a total of around US$1.7 trillion in energy-supply infrastructure between now and 2035, it predicted.
It forecast the region would become the world's fourth-largest oil importer, after China, India and the European Union. "Increasing reliance on oil imports will impose high costs on Southeast Asian economies and leave them more vulnerable to potential disruptions."
Imported oil will cost the equivalent of four per cent of GDP across the zone, with Thailand and Indonesia likely to see their bills triple to nearly US$70 billion a year by 2035. AFP