Providence Resources - IEA report - Interesting reading. Suggests Asían demand...

Interesting reading. Suggests Asían demand India in particular is Going to grow dramatically. Oncg must be looking at Ireland !!!!

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But as low-cost Middle Eastern producers regain market share, the IEA warned, the risk of over-dependence on the region rises again. And with oil demand falling in developed economies as renewable energy sources gain ground (the IEA predicts combined U.S., Japanese and E.U. oil demand will fall by 10 million b/d by 2040), it’s the rising economies of Asia that will be most acutely exposed.

“A concentration of global supply would be accompanied by elevated concerns about energy security, with Asian consumers… particularly vulnerable,” the IEA said.

By 2040, it expects China’s oil imports to be five times those of the U.S., while India’s will “easily exceed” the European Union’s.