Asia rolls out 4-day weeks, WFH to solve fuel crisis caused by Iran war
2 days ago
- #oil prices
- #Asia energy crisis
- #fuel shortage
- Asia faces fuel shortages due to high oil prices and the closed Strait of Hormuz.
- Japan and South Korea heavily rely on Middle East oil (90% and 70% respectively).
- Thailand implements energy-saving measures like work-from-home and higher AC temperatures.
- Vietnam and the Philippines promote remote work and reduced travel to save fuel.
- Bangladesh and Pakistan adjust holidays and work weeks to conserve energy.
- India prioritizes household LPG supplies, raising concerns for businesses.
- South Korea introduces fuel price caps amid economic concerns.
- Japan may tap into national oil reserves to stabilize supply.
- Indonesia allocates $22.6 billion for energy subsidies to keep prices low.
- Thailand freezes cooking gas prices and promotes alternative energy sources.
- Vietnam considers removing fuel import tariffs.
- Oil prices fluctuate, with WTI crude surpassing $90 per barrel.
- IEA members agree to release 400 million barrels from emergency reserves.
- Strait of Hormuz remains closed, risking severe supply disruptions.
- Analysts warn oil prices could reach $200 per barrel by 2026.