The annual BP Statistical Review has come out, as usual in June. In this post we focus on the Asia Pacific region. This is important because the Australian government has offered the help of “Team Australia” to build the “Asian Century ”. The question no one asks (or wants to ask) is how much oil there is to carry Asia through the decades to come. No one can give an answer of course but it is clear that if past oil consumption and production trends continue the region will slide into a huge oil crisis. Overview Oil production in the Asia Pacific peaked in 2010 ( China offshore!) at 8.4 mb/d while consumption continued to increase to 30.9 mb/d. Fig 1: Asia-Pacific oil production and consumption The difference between consumption and production (net imports) is now 73% of consumption, up from 68% ten years ago. Oil consumption changes Let’s […]