Governments across Asia are preparing for worst-case energy scenarios that could include a prolonged and severe disruption to supplies, even as the US draws up a plan to end the war in Iran.
South Korea shifted into crisis mode on Wednesday, setting up an emergency economic task force to urgently prepare for adverse scenarios. The Philippines declared a national emergency, citing an “imminent danger of a critically low energy supply.”
Japan is reviewing its entire supply chain of petroleum-related products as the likelihood builds of shortages and knock-on effects across the economy, while India’s Prime Minister Narendra Modi warned the war could cause unprecedented challenges for the nation.