Energy crisis: Asia is dusting off COVID-era solutions to tackle fuel shortages

Asian countries are considering reactivating some measures adopted during the COVID-19 pandemic to mitigate the impact of the global fuel crisis caused by the war in Iran.

Heavily reliant on imports transiting through the Strait of Hormuz, now largely blocked, Asia finds itself on the front line. The region absorbs more than 80% of the crude oil that usually passes through this strategic waterway.

Faced with this situation, several governments are studying solutions aimed at reducing energy consumption, including increased use of teleworking.

In South Korea, this option is already being studied, while the Philippines are considering reducing the working week for some civil servants in order to limit travel.

Other countries such as Japan, Australia and New Zealand are working on economic support measures to cushion the shock to households and businesses.

The International Energy Agency has also called for concrete actions to reduce demand, recommending in particular teleworking and limiting air travel.

Meanwhile, a massive release of strategic reserves, estimated at around 400 million barrels, has been approved in an attempt to stabilize markets.

This mobilization is reminiscent of the emergency responses put in place during the pandemic, but above all underlines the seriousness of the current crisis, which threatens supplies in the long term and could weigh heavily on the global economy.