How Asia is responding to Middle East oil shock as Hormuz closure disrupts global supply ...Saudi Arabia

ٍٍٍSaudi Gazette - Economy
How Asia is responding to Middle East oil shock as Hormuz closure disrupts global supply
source : ٍٍٍSaudi Gazette ( Saudi Arabia ) () 98
TOKYO — Asian countries are rolling out emergency energy measures as Middle East tensions disrupt global oil flows, triggering supply fears and price spikes across import-dependent economies.The crisis escalated after U.S. and Israeli strikes on Iran on Feb. 28, followed by Iran’s move in early March to effectively shut down the Strait of Hormuz — a key maritime route that normally carries around 20 million barrels of oil daily, or roughly 20% of global supply.With oil markets rattled, Asian economies — particularly in Southeast Asia — are among the most exposed, relying heavily on Middle Eastern crude imports.According to the International Energy Agency, the region depends on the Middle East for about 60% of its oil needs.Countries across Asia are now scrambling to conserve energy, stabilize markets, and secure alternative supplies. China taps reserves, halts fuel exportsChina, the world’s largest crude importer, has ordered refiners to suspend exports of diesel and gasoline to protect domestic supply.Authorities are also preparing to tap strategic reserves, with reports indicating potential releases of up to 1 million barrels per day in the coming weeks. Japan, South Korea release strategic reservesJapan has launched its largest-ever release of strategic oil reserves, equivalent to 15 days of consumption, while introducing subsidies to cap fuel prices.South Korea is also releasing a record 22.46 million barrels from reserves and increasing coal and nuclear power output to offset shortages.The government is preparing financial support measures to shield households and businesses. Southeast Asia imposes austerity measuresSeveral Southeast Asian nations have introduced strict energy-saving policies.Thailand has implemented austerity measures including remote work, limiting air conditioning, reducing electricity usage, and suspending some government travel. It has also halted oil exports.The Philippines and Sri Lanka have introduced four-day workweeks to reduce fuel consumption, while Bangladesh has shut down schools and imposed planned blackouts.Vietnam has urged citizens to limit travel, switch to bicycles, and adopt renewable energy, while cutting fuel taxes to ease cost pressures. Singapore and Malaysia push conservationSingapore has urged energy conservation while maintaining that supplies remain stable. Malaysia has warned it may restrict fuel exports if domestic supply tightens further, while maintaining subsidies to cushion consumers. South Asia faces supply stressIndia has prioritized domestic fuel supply, boosting LPG production and increasing imports from Russia.Pakistan has cut fuel use by ordering remote work for public employees and closing schools temporarily. Nepal and Bangladesh have experienced shortages, prompting rationing measures.Sri Lanka has introduced fuel rationing through a digital QR system and is urging electric vehicle users to shift charging to daytime hours. Transport and mobility restrictions expandMyanmar has introduced vehicle rationing based on license plate numbers, while Cambodia has seen hundreds of fuel stations close temporarily due to supply disruptions.Across the region, governments are encouraging remote work, reduced travel, and lower energy consumption to stretch limited supplies.

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