Securing Asia's energy future

As Asia's appetite for energy surges, the desire of the region's leaders to ensure a reliable flow of reasonably priced oil and natural gas will also intensify. If they fail, Asia's fast-growing economies could stumble. A race is now under way - between China and India, in particular...

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Bibliographic Details
Published in:The McKinsey quarterly 2005-04 (2), p.118
Main Authors: Bozon, Ivo J H, Narayanswamy, Subbu, Tuli, Vipul
Format: Magazinearticle
Language:English
Subjects:
Crude oil prices
Energy resources
Online Access:Get full text
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Summary:As Asia's appetite for energy surges, the desire of the region's leaders to ensure a reliable flow of reasonably priced oil and natural gas will also intensify. If they fail, Asia's fast-growing economies could stumble. A race is now under way - between China and India, in particular - to buy energy reserves in such far-flung places as Iran, Russia, and Sudan. Asian governments should take several concrete measures in a concerted fashion. As a crucial first move, they need to create a regional market for petroleum products - one that attracts the backing of key buyers and sellers and has the financial sophistication to enable risk hedging. They also need to establish a regional benchmark crude oil that can serve as a pricing yardstick for other types of crude.
ISSN:0047-5394