Oil industry is losing the burn of Asian demand
Market participants say it is not just cyclical phenomenon but also a product of more permanent structural changes
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Tokyo
AFTER half a year of strong oil price rises, Asian crude demand is slowing and by some measures falling, and many market participants suspect that it is not just a cyclical phenomenon, but also a product of more permanent structural changes.
With years of annual economic growth of 7-10 per cent in China and similar recent figures from India, the Asia-Pacific has overtaken the Americas to become the world's biggest oil consuming region, accounting for almost 40 per cent of global demand.
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