(MENAFN- Kuwait News Agency (KUNA)) A Kuwaiti oil analyst affirmed Wednesday improvements of the Asian market, saying that demand by Asia for oil has reached 31 million barrel per day (bpd), 33 percent of the global demand, noting that the demand for oil will increase, confirming at the same time recovery of the market.
Analyst Mohammad Al-Shatti stressed to KUNA the importance of Asian markets to Kuwait due to being a vital importer of oil, representing a large portion to Kuwait's revenues whose budget becomes affected by the fluctuting oil prices, calling for considering the Asian markets among the most significant ones for the oil-producing countries as well as monitoring any changes.
Al-Shatti mentioned that there are many challenges facing oil producers, including Kuwait, namely regression in the increase of oil demand in Asian and developing countries' markets as well as their sluggish averages and the expansion in the use of other sources of energy.
The analyst added that current global demand for oil stands at 94 million bpd, and the Asian market oil demand represents 33 percent, 31 million bpd of which is produced in 2015.
Al-Shatti said demand for oil in China increased from 10.4 million bpd in 2013 to 11.3 million bpd in 2015, an increase of 600,000 bpd, stressing that decrease in demand could take place in 2016 totaling 11.5 bpd, a sheer increase of 250,000 bpd.
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