Shot/Chaser: Global Hunt for Resources Edition

August 23rd (The Economic Times):

India and Iraq, which is [the] second largest oil exporter to the country, today inked a key pact for conclusion of a 13-year-old contract for exploration of a Iraqi block estimated to hold 645 million barrels of in-place reserves under a broad-based energy cooperation agreement.

August 26th (Energy Information Administration):

In 2009, Asia surpassed North America as the world’s largest petroleum-consuming region as consumption rebounded from its 2008 decline. Between 2008 and 2012, Asia’s consumption increased by 4.4 million bbl/d. The rapidly industrializing economies of China and India fueled much of Asia’s demand increase, growing 2.8 million bbl/d and 800,000 bbl/d, respectively. If China’s use of petroleum continues to grow as projected, it is expected to replace the United States as the world’s largest net oil importer this fall.