Asia’s oil import-dependent economies will benefit from the United Arab Emirates’ (UAE) exit from Opec, though the ongoing closure of the arterial Strait of Hormuz may not offer any immediate relief from soaring prices, analysts say. Global oil prices continued to surge on Wednesday, with benchmark Brent crude oil prices hitting US$111 a barrel and US West Texas Intermediate (WTI) approaching US$100 a barrel. Before the Iran war, Brent was trading around US$70 a barrel, while WTI was about US$65...
Japan has said it will establish a financial framework worth about US$10 billion to help Asian countries procure energy resources and bolster their stockpiles as Middle East tensions drive prices higher and disrupt supply chains. The support, aimed at preventing knock-on effects on Japan’s own supply chains, would be channelled mainly through state-backed financial institutions such as Japan Bank for International Cooperation and Nippon Export and Investment Insurance. Announcing the plan on...
The rise in energy prices has hit Asia particularly hard as many nations are heavily reliant on Gulf oil.
As the Iran war disrupts oil flows, fuel shortages hit Asia first. Is this the start of a wider global energy crisis?