Developing Asian countries to account for up to 60% of global oil imports by 2050

The share of developing Asian countries in global oil imports may rise to 45-60% by 2050, according to the International Energy Agency (IEA) World Energy Outlook 2023, Report informs.

“Emerging market and developing economies in Asia currently account for just over 40% of global crude oil imports. More robust demand and limited domestic production potential cause this share to rise to 45-60% in 2050 in all scenarios,” reads the report.

The Middle East remains the largest crude oil exporter in all scenarios, but crude oil exports from North America and Latin America and the Caribbean rise from a 23% share of the total today to 30% in the STEPS in 2050.

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