Crude Oil and increasing demand in Asia
October 28th 2011 21:11
Link: www.commodityplaza.com
The increase demand in crude oil from Asia has created the gap between supply and demand. With low supply, the Crude Oil and gas have resulted in relatively high prices.
The crude oil price which was around US$ 32 per barrel in the year 2008 is now trading at US$ 147 per barrel. The Euro Zone crisis may be just another reason for the crude oil prices to maintain upward trend.
In the liquefied natural gas sector, Australia, China and India are expected to receive the maximum investment. Australia is already on the top for receiving highest investment among the three listed.
Chevron, a US based energy company is already developing a LNG project in Western Australia has got the approval from the Australian Government for a second major project in Western Australia. This all together will help Australia to reap the maximum investment linked with LNG projects and Australia could be the largest exporter of LNG in the coming years. Presently Qatar is the largest exporter of LNG in world. The LNG, which is clean fuel have came in demand after the nuclear crisis due to tsunami in Japan.
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