[originaltext] Indonesia is not the only country in Asia growing faster than

Indonesia is not the only country in Asia growing faster than it can find the fuel to keep its industrial engines at full throttle. Japan and South Korea long have been oil importers as none has any meaningful domestic production to speak of. And despite promising signs that India will triple its oil production by 2015, domestic demand -- and imports- during the same period are likely to more than double, ensuring that the country remains an oil importer. Asia is already the world’s second largest oil consumer. The region drinks up 16. 6 million barrels per day, compared with 16. 9 million barrels in North America. And if the current trends continue, Asia will overtake North America as the world’s largest oil consumer possibly within five years. And as economic growth in these countries speeds ahead, the gap between supply and demand will only grow wider. Asia now accounts for about 25% of the world’s oil demand but just 10% of its supply. That leaves the question of price rises, which could have an impact on the region’s economic expansion. Asia is the most vulnerable of all regions to higher oil prices. Indeed, in April alone, prices for widely traded grades of crude increased 10- 15% at a time of increased market volatility. The continuing embargo against Iraqi exports means that prices are likely to continue fluctuating widely for at least the next few months.