The blasts detonated far from the bustling megacities of Asia, but the attack this week on two tankers in the strategic Strait of Hormuz hits at the heart of this region's oil-import-dependent economies, APKlug reports.
Yutaka Katada, president of Kokuka Sangyo Co., the Japanese company operating one of two oil tankers attacked near the Strait of Hormuz, shows a photo of the attacked oil tanker during a news conference Friday, June 14, 2019, in Tokyo. Iran rejects a U.S. accusation against Tehran over suspected attacks on two oil tankers near the strategic Strait of Hormuz.
In the end, whether Asia shrugs it off, as some analysts predict, or its economies shudder as a result, the attack highlights the widespread worries here over an extreme reliance on a single strip of water for the oil that fuels much of the region’s shared progress. Japan is the world’s fourth-largest consumer of oil — after the United States, China and India — and relies on the Middle East for 80 percent of its crude oil supply. The 2011 Fukushima nuclear disaster led to a dramatic reduction in nuclear power generation and increased imports of natural gas, crude oil, fuel oil and coal.
China, the world’s largest importer of Iranian oil, “understands its growth model is vulnerable to a lack of energy sovereignty,” according to market analyst Kyle Rodda of IG, an online trading provider, and has been working over the last several years to diversify its suppliers. That includes looking to Southeast Asia and, increasingly, some oil-producing nations in Africa.
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