Asia ‘scraping the bottom of the barrel’ as Red Sea oil blockade worsens energy crisis

The Houthi threat to Saudi oil exports comes as Japan, South Korea and the Philippines are still reeling from the closure of the strait of Hormuz Governments in Asia are scrambling to avoid their second major energy crisis in six months, as another maritime chokepoint in the Middle East faces a violent blockade, leaving only the Suez canal completely open for the free movement of gulf oil.

Countries like Japan, the Philippines, Thailand and South Korea – which rely on Middle East oil for up to 90% of their imports – are working to secure supplies after Yemen’s Houthis launched a blockade of Saudi Arabian shipping passing through the Bab al-Mandab strait, which forms the southern entrance to the Red Sea. Continue reading...