Southeast Asia oil bill to soar by ’35

AFP-JIJI

Southeast Asia’s huge appetite for energy will see its bill for imported oil spike to $240 billion by 2035, leaving nations exposed to price shocks, the International Energy Agency warned Wednesday.

The region will guzzle more than 5 million barrels of oil per day, double current consumption levels, to fuel its breakneck economic growth, the IEA said.

Total energy demand is expected to increase by more than 80 percent over the same period, turning the region into the world’s fourth-largest oil importer, after China, India and the EU.

The 10 members of the Association of Southeast Asian Nations will need to invest a total of around $1.7 trillion in energy-supply infrastructure between now and 2035, the IEA predicted.