WASHINGTON, Feb. 27 (UPI) -- Asian demand for oil increased more than 100 percent in the 30-year period that began in 1980, the U.S. Energy Information Administration said.
The EIA said global petroleum consumption increased 36 percent to 23 million barrels per day from 1980-2010. During that period, consumption in North America increased 16 percent though Asian demand for petroleum increased 146 percent to nearly 15 million barrels per day.
Major oil-producing nations, including Russia, Iran and Canada, have looked to Asian markets as the regional economy surges. Most Western economies slowed substantially following a recession that began in 2008.
Iran has faced difficulties processing crude oil payments because of Western economic sanctions. Japan had said it would look for Iranian alternatives. China had said it would honor sanctions imposed against Iran but considered oil a normal part of its trade relations. China buys around 20 percent of Iran's crude oil.
The EIA said Asia passed North America to become the largest petroleum-consuming region in the world in 2008.
