Strategic Oil Stocks in the APEC Region 1

Oil has been a critical fuel for the decades of rapideconomic growth in the Asia Pacific region. According to many studies, oil will remain adominant fuel for the APEC region, comprising 40% of total primary energy consumption,at least until 2010. Further, a number of oil producing economies in the region either haverecently become oil importers or will be importing oil from outside the region in the nearfuture. As a result, by 2010, APEC will be importing 60% of oil supply from outsidesources. Moreover, East Asia will import 75%, while East Asia without China will continueto import 100% of oil supply.