|SThe largest changes in refinery utilization
regionally seem to be in Asia, but Asia is not one homogeneous market.
|SThe Asian oil product market can be broken
into four types of countries:
|OECD countries, which have low demand
growth; Japan has declining demand and refinery closures; Korea has low
|High growth countries such as China and
India, which have historically developed domestic refining to serve their
needs and raised protective tariffs.
|Rest of Asia/Pacific with modest demand
|The major export refinery center of
Singapore, which we turn to next.