Asia to face first petrol squeeze in over 15 years

• Eastern Eye Staff
• 07 March, 2016

By: Eastern Eye Staff

The declining price of oil and growing car sales have seen a renewed demand for oil and gas across Asia. Thus, we are now seeing the first petrol shortage in Asia in over 15 years. China and India’s car sales are soaring with a combined 3 million new cars being registered in the countries on monthly basis, while crude refineries continue to close in countries such as Taiwan and Australia. “We expect auto sales in China to grow 6.5 percent in 2016, improving from 4.6 percent in 2015,” said Moody’s Sr. credit officer Yasmina Serghini. Car sales in Beijing are…

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