With millions of Indonesians at risk of being pushed into poverty amid a deepening global energy crisis, President Prabowo Subianto arrived in Moscow this week seeking something straightforward but increasingly scarce: cheap oil. Prabowo’s trip, which got under way on Monday, comes at a moment of acute regional anxiety. Global oil prices have skyrocketed since the United States and Israel launched their war on Iran more than six weeks ago amid the near-total closure of the Strait of Hormuz. The...
With various Hong Kong industries battered by the world’s highest petrol and diesel prices, economists and business leaders predict the oil crisis caused by the Middle East war will trigger a wave of imported inflation, driving up the cost of items ranging from toilet paper and laundry services to asphalt. Analysts have warned that the adverse impact on inflation will be more immediate than the effect on economic growth, with some saying the repercussions will emerge in the third and fourth...
The war on Iran has removed hundreds of millions of barrels from oil markets. We visualise what that looks like.
Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs, speaks to the South China Morning Post about the long-term future of China’s economy after the “two sessions” in Beijing and ahead of an expected Xi-Trump summit – all during an oil crisis sparked by the US-Israel war against Iran. For other interviews in the Open Questions series, click here. What impact will the oil shock arising from the Iran war have on the growth of Asian economies this year? Asia is greatly affected by the war...