Regional Perspectives on Trends in Global Oil Markets
The average price of oil fell to a six-year low in early 2015 after declining by 50% over the course of just one year. Although prices have continued to fluctuate, the overall trend of cheaper oil has had profound implications for the Asia-Pacific, which consumes well over half of the world’s oil. The region is also home to four of the five top oil-producing countries, and oil exports continue to play a key role in many economies.
For some countries, lower oil prices have been embraced as an opportunity to enact much-needed policy reforms and improve trade balances; for others, lower prices have had profoundly negative economic ramifications. Worldwide, falling oil prices have spurred shifts in policy, consumer behavior, and industry projections, and as the current center of global energy demand, the Asia-Pacific has dramatic effects on worldwide energy security.
In this NBR briefing series, experts from across the Asia-Pacific offer country and regional perspectives on recent trends in global oil markets. These briefs assess the dramatic and varied effects that falling oil prices are having on China, India, Indonesia, Japan, Russia, South Korea, and North America and examine the implications for policy, industry, and the public.
Join the discussion by tweeting to us @NBRnews and #PESBeijing.
—Laura Schwartz, ed.