Asia looks to COVID-era playbook to tackle fuel crisis
Summary
Asian countries consider work-from-home and stimulus measures to address fuel shortages caused by the Iran war, with various governments urging energy conservation and financial support.
Key Points
- Asia buys over 80% of crude oil transiting the Strait of Hormuz, which is nearly blocked due to the Iran war.
- Several Asian countries are revisiting COVID-era measures like work-from-home to mitigate the fuel crisis.
- The International Energy Agency recommends measures such as working from home and avoiding air travel to ease oil price pressures.
- Governments in Japan, New Zealand, and others are introducing financial subsidies to offset rising fuel costs, while central banks face policy dilemmas regarding inflation and rate hikes.
