Japan and South Korea led the way among Asian economies in releasing their strategic reserves to cope with the global energy disruption as the war in Iran widens, choking off the flow of oil and gas from the Middle East to the rest of the world.
Asian countries are particularly vulnerable to oil supply disruptions, as they rely on Gulf nations for 60% of their crude, and most of which is shipped through the Strait of Hormuz – a critical transportation channel effectively shut down by Iran.
Here’s where major Asian economies’ reserves stand:
Japan is releasing 80 million barrels of oil, amounting to 45 days of its 254 days worth of reserves, as early as Monday, Prime Minister Sanae Takaichi said. The decision was made before member countries of the International Energy Agency, which include Japan, agreed to a historic release of a record 400 million barrels of oil from reserves.
South Korea holds 208 days of oil reserves, and its government said it has secured an additional 6 million barrels of crude. Its industry ministry also announced on Wednesday that it will release 22.46 million barrels of oil from its reserves in line with the IEA decision, with the timeline unknown yet.
China holds roughly 1.2 billion barrels of oil, equivalent to about 203 days of its Middle Eastern crude imports, according to Kpler, a global trade analytics firm.
Taiwan maintains a statutory reserve of crude oil for at least 90 days, but only 11 days’ worth of liquefied natural gas (LNG). Its government said it has secured enough LNG supply for March and April, and is working to ensure supply for May.
India is estimated to have oil stockpiles of around 25 days, according to Alicia Garcia-Herrero, chief Asia-Pacific economist at French financial services firm Nataxis.
Indonesia has an oil reserve of around 21 days, according to its government.
Thailand holds a 96-day oil reserve, according to the country’s Ministry of Energy on Wednesday.
CNN’s Junko Ogura, Hanako Montgomery, Mike Valerio, Rhea Mogul, Gawon Bae and Trista Kurniawan contributed reporting.
