Thursday, June 28, 2007

Malaysia could become oil net importer by 2010

According to Petronas Chief Executive and President Hassan Marican , Malaysia could become oil net importer by 2010 if demand is growing at 4% per annum. This is not really 'shocking' news since Indonesia is already net oil importer since 2005. A related news is petrol ration program is implemented in Iran from June 2007. These prove that global oil consumption is growing faster than global oil production. How do we 'fix' this problem? That depends what do you think are the cause(s) of imbalance, e.g. consumption, supply?