Iran crisis will put Asian economy in clear danger

Japan imports all its oil and almost 90 percent is from the Middle East, defined as the Gulf oil exporters plus Oman and Yemen. Asia’s two emerging economic giants, China and India, are also heavily reliant on the Middle East for their oil, India for about 70 percent of its imports and China for nearly half its foreign supplies. Singapore, the Philippines, Thailand, Taiwan and South Korea each depend on the Gulf for over 70 percent of their oil imports.

Singapore, like Japan, is well placed to weather a supply disruption because it has enough oil in storage to last for many weeks. But China and India — the two economies that hold the key to Asia’s future growth prospects — will remain vulnerable to supply and price shocks until they build adequate strategic stockpiles.

JakartaPost