Asian growth straining oil supplies, experts caution

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AFP , KUALA LUMPUR
Tuesday, Jun 15, 2004,Page 5

Asia must speed up its economic liberalization to woo energy investment and ensure sufficient and affordable long-term supplies in a turbulent world market, oil experts said at a key regional conference here yesterday.

Asia's appetite for energy is expected to soar in line with its economic growth, but experts warned at the Asia Oil and Gas Conference that current high oil prices and the region's heavy reliance on oil imports could impede growth.

"Asia's soaring growth is straining the energy bridge ... around the globe, experts are worried that Asia's soaring tiger could come in for a hard landing because of energy supply concerns," Dave O'Reilly, chief executive of US oil major ChevronTexaco, said.

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