India, China oil demand 'frightening': Aramco
REUTERS
Posted online: Tuesday, April 05, 2005 at 1400 hours IST
Updated: Tuesday, April 05, 2005 at 1409 hours IST
DALLAS,APRIL 5: Increased demand for oil in India and China is so large they have created a worrisome climate among the world's energy producers, the chief of Saudi Arabia's services company in the United States said on Monday.
"This is the big gorilla. The demand by China and India together, if they continue to grow, it is quite substantial and it is frightening," said Mazen I. Snobar, President and CEO of Aramco Services Co., which delivers Saudi oil to the United States.
All oil producing nations will have to chip in to meet the needs if demand in those two countries continues to rise, said Snobar, adding, "Let's hope they don't sustain this growth."
Snobar, who is based in Houston, gave his assessment of the Asia oil demands during an energy forum attended by 200 leaders from the petroleum industry, government and academia at Southern Methodist University.
Of the United States, he said the country "cannot realistically expect to be energy independent. The forces that drive our industry are directly linked to the health of the economy here and worldwide, and we must have the stability to keep things in balance," he said.
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