Philippines declares national energy emergency as Asia risks energy crisis amid Iran war

Key Points:

• The Philippines has declared a national energy emergency due to the U.S.-Israeli war with Iran, allowing the government to control fuel prices and expedite imports from alternative suppliers like Russia, with current fuel reserves sufficient for about 45 days.
• The conflict has led to a global energy strain, prompting South Korea to launch an energy-saving campaign, Japan to release oil from its emergency reserves, and other Asian countries like Thailand and Vietnam to encourage reduced energy use.
• The closure of the Strait of Hormuz, a critical oil shipping route handling about 20 million barrels per day, has caused global oil prices to surge, heavily impacting Asian markets that rely on roughly 80% of the oil passing through the strait.
• The International Energy Agency (IEA) plans to release 400 million barrels from its strategic reserves, the largest in its history, while the U.S. is also preparing a significant release and has eased sanctions on Russian oil to stabilize the market.
• Asia, as a major oil importer accounting for 44% of global crude imports, faces a significant threat from the ongoing crisis, with the IEA warning that no country will be immune if the situation worsens.