As the war in the Strait of Hormuz continues to create havoc, Asia remains the worst hit by the global energy crisis. Whether it's a large economy like Japan or China, or a struggling economy like Sri Lanka or Pakistan, the same fate holds. Even nations that produce oil, like Indonesia and Malaysia, are struggling as the national energy demand surpasses production.
Nearly 90% of oil and gas from the Strait flew to Asia before the conflict. The loss of one of the most critical energy flows is causing significant pain for ordinary people, businesses, and policymakers. The lack of cooking gas, fuel rationing, and rising fuel and electricity costs hurt families and communities. Farmers struggle to obtain fertiliser, and business operations are on hold due to a lack of petrochemical raw materials.
