Southeast Asian countries are facing growing concerns about the security of energy supplies, as recent geopolitical crises have exposed their heavy dependence on oil imports, particularly through the Strait of Hormuz, one of the most vital passageways for global energy trade.
And according to a report published by the Iranian newspaper "Dunya Economy", Rodla Romero, of the Philippine Department of Energy, realized the magnitude of the danger when she received a call from a journalist in late February about the scenario of closing the Strait of Hormuz following the US and Israeli attacks on Iran, which threatened to cut off one of the most important sources of oil supply to her country.
And the Philippines relies almost entirely on imports for its oil needs, prompting officials to move quickly to search for alternative suppliers, amid high costs and market turmoil. And according to the report, gasoline prices tripled for diesel, leading to strikes in the transportation sector in the capital Manila and a sharp rise in inflation.
And economists have warned that if the situation continues, it could push more than a million Filipinos below the poverty line if disruptions to energy flows persist for long periods.
And Asian capitals are beginning to consider options to deal with the potential for continued instability, including creating strategic energy stocks or accelerating the shift away from oil dependence.
The Philippines, for example, faces a cost of nearly half a billion dollars to create an oil reserve sufficient for 90 days, as well as ongoing costs associated with managing and maintaining it.
The crisis of the suspension of exports of refined oil products from China in March also revealed an additional weakness, represented in the dependence of many countries in the region on external refining capabilities. This prompted Philippine officials to consider developing domestic refineries that would enable the country to convert crude oil into gasoline and diesel during crises, rather than relying entirely on foreign markets.
Observers believe that the potential energy crisis in Southeast Asia reflects a broader challenge for Asian economies, which is the need to rebuild energy security policies, whether by increasing strategic stocks, diversifying sources of supply, or investing in energy alternatives.
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