Asia to be hit hardest by energy crisis

SINGAPORE: Asian nations are facing a major energy crisis as a result of the Iran war, with a sharp fall in crude shipments and few alternatives, global maritime analytics firm Kpler said on Tuesday. 'We think Asia will, for now, be the ones suffering the most,' Kpler president Jean Maynier said in an interview at the company's offices in Singapore.
Maynier said Asia did not have enough energy resources of its own to fill the gap 'in China... in big countries like the Philippines or Indonesia. So it's a real energy crisis.' The impact of the de facto closure of the Strait of Hormuz has already led governments to take exceptional measures, like the Philippines which has declared a national energy emergency, Maynier noted. 'It's really bad for Asia and we are not optimistic if the event continues,' he said.
'There is almost no crude oil arriving' in Asia currently, and no viable alternatives to energy imports from the Middle East while 'inventories are being depleted', Maynier said. He said that while the attack on Iran had been anticipated, its timing and the duration of the war that has ensued were surprising. 'What is surprising is the length of this event and, especially in Asia, the crisis that we have now with energy.' — AFP