ASEAN members’ demand growth in 2015 has been characterised by mixed fortunes, but the regional bloc is still set to emerge as a third regional focal point in non-OECD Asia after China and India (see Asian Oil Markets Monthly, Issue 7 – 7 July 2015).
- The six major ASEAN members (Thailand, Vietnam, Indonesia, Singapore, Philippines and Malaysia) are forecasted to rival the demand growth of India towards the end of the decade.
- Our July edition of Asian Oil Markets Monthly charts the region’s demand growth developments in 2015, with mixed progress seen for individual members of the bloc so far this year.
- Indonesia, ASEAN’s most populous member, has seen its 2015 demand growth stifled thus far by a rolling-back of energy subsidies since the start of the year.
- Even so, we still expect the ASEAN bloc to post an average of 110,000 b/d of oil product demand growth annually over the next five years.