As the conflict between the U.S.-Israel alliance and Iran brings the Strait of Hormuz—a vital global artery for oil shipments—to a near standstill, multiple Asian nations are collectively feeling the acute pain of energy shortages. In South Asia, India has revealed that its strategic petroleum reserves are theoretically sufficient for only 9.5 days of consumption. When accounting for unused storage capacity, actual supplies may last less than a week. Southeast Asian countries, including Thailand and Vietnam, are already experiencing the impact of rising oil prices. The Philippines has declared a state of energy emergency, while even resource-rich Singapore has warned that smaller Asian nations cannot remain insulated from such global disruptions.
In Northeast Asia, Japan and South Korea—both heavily reliant on crude oil imports—are under immense pressure. South Korean President Lee Jae-myung this week called on citizens to demonstrate the same spirit of solidarity seen during the 1998 Asian financial crisis, when people donated gold to help the nation weather economic turmoil.
India: Oil Reserves Could Last Only 9.5 Days If Imports Halt Amid growing domestic scrutiny, the Indian government has disclosed the status of its crude oil reserves. In a response under the country’s Right to Information Act, the Ministry of Petroleum and Natural Gas stated that, as of March 23 this year, India’s strategic petroleum reserves (SPR) could meet approximately 9.5 days of crude demand in the event of an import disruption. Strategic petroleum reserves are emergency stockpiles maintained by governments to shield against supply interruptions or sudden price surges. These reserves are intended to ensure fuel supply continuity for critical sectors during crises such as conflicts or supply shocks.
However, the 9.5-day supply estimate assumes that India’s storage capacity is fully utilized. Data from the Indian Federal Statistical Office indicate that the country currently holds about 3.372 million metric tons of crude oil, representing only 64% of its theoretical storage capacity of 5.33 million metric tons. The gap between potential and actual inventory levels is particularly significant given the strain on global energy markets due to escalating tensions in West Asia—a key source of India’s crude imports. India depends on imports for more than 85% of its crude oil needs.
India’s SPR program was approved on January 7, 2004, and Indian Strategic Petroleum Reserves Ltd. was established on June 16 of that year to oversee its implementation. The country’s SPR facilities are located at three sites: Visakhapatnam (1.33 million metric tons), Mangaluru (1.5 million metric tons), and Padur (2.5 million metric tons). Although the Indian government approved the construction of two additional storage centers in 2021, these have not yet become operational.
Neighboring Sri Lanka’s Energy Ministry announced on the 15th of this month that it would implement a QR code-based fuel registration system alongside weekly fuel rationing. Under the new rules, vehicles must present a registered QR code to refuel, with weekly limits set according to vehicle type.
South Korea: President Lee Calls for Public Cooperation on 12 Energy-Saving Measures On the 24th, South Korean President Lee Jae-myung convened a cabinet meeting where the government introduced 12 energy conservation measures. Lee specifically invoked the spirit of public sacrifice during the 1998 Asian financial crisis, when citizens lined up to donate gold and jewelry to support the national economy. He stated, “We urgently need the public’s cooperation. If we all join forces, we will surely overcome this crisis.”
The government’s appeal includes calls for shorter showers, using bicycles for short trips, and avoiding charging mobile phones and electric vehicles at night. Public sector vehicles will be restricted to four days of operation per week, and the government has urged private vehicle owners to follow suit. Should the energy situation worsen, mandatory restrictions on private car usage may be imposed. The Ministry of Environment and Energy also encouraged citizens to use washing machines and vacuum cleaners only on weekends, switch to energy-efficient appliances and lighting, and utilize public transportation whenever possible.
Businesses have been asked to adopt energy-saving practices, such as turning off office lights during lunch breaks and encouraging stair use instead of elevators. On March 13, South Korea imposed price caps on gasoline, diesel, and heating kerosene—the first such move in 30 years. The government also pledged a supplementary budget of $16.5 billion to cushion the impact of exchange rate volatility and rising oil prices, particularly on low-income households. Additionally, authorities plan to expedite maintenance work on five of the ten nuclear reactors currently offline to facilitate their early return to service.
Singapore’s Foreign Minister: Crisis Represents a “Serious Asian Problem” Singaporean Foreign Minister Vivian Balakrishnan warned that the closure of the Strait of Hormuz could trigger an “Asian crisis.” If the conflict escalates to include attacks on energy infrastructure, many Asian nations would face not only higher energy costs but also inflationary pressures.
Under normal circumstances, 90% of oil and 83% of liquefied natural gas exported via the Strait of Hormuz are destined for Asian markets. Balakrishnan noted in an interview, “This vulnerability has long been recognized, but it has never been tested as severely as it is now.” He described the current situation as a “serious Asian problem,” adding, “If it escalates into retaliatory attacks on energy facilities, it would not only lead to an immediate full closure of the Strait of Hormuz but also cause severe damage to Middle Eastern energy infrastructure, reducing exports for an extended period. The most immediate impact would be high and volatile oil and gas prices, which would then translate into broad-based price increases.”