Asia, with strong and eager commodity markets, has begun the race to get oil |Macroeconomics

South Korea will set inflation to protect its economy from economic shocks;Japan discusses releasing oil reserves;...

South Korea will impose fuel price caps to protect its economy from energy shocks; Japan is debating the release of oil reserves; the Philippines, Thailand and Burma, in response to rising fuel prices, have ordered public officials to reduce the use of air conditioning in offices; Pakistan has announced a four-day work week; China, as the world's largest importer of oil and natural gas, to guarantee oil and liquefied natural gas.tanks

Asian countries are bailing on energy after the continent's main stock markets fell on Monday amid a surge in oil prices due to the Middle East war.Seoul and Tokyo, in particular, saw huge declines after crude oil prices topped $100 a barrel for the first time since 2022.

"The current crisis is a heavy burden on our economy, which is heavily dependent on global trade and foreign powers from the Middle East," said South Korean President Lee Jae Myung as he announced his country would limit domestic oil prices for the first time in nearly 30 years to curb rising prices.

Lee added that in an emergency meeting with the minister, Seoul - although it has enough oil to last 208 days - is looking for new energy suppliers beyond the supplies sent through the Strait of Hormuz.The plan announced by Japan, which relies on Middle East energy supplies, will bring 80% of its crude oil from this country.

Oil prices rose on Monday, with Brent rising 30% to $119.46 a barrel.That sent Tokyo's Nikkei 225 down 7.6%, while the stock average recovered 5.2% at the close.

The longer this situation continues, the more challenging it will be for Japan to protect against the erosion of its energy supply, says Adam Ward, managing director of consultancy Oxford Analytics.Local media reports that the Japanese government is considering releasing the stored oil.Japan's Energy Agency has reportedly ordered the National Oil Reserve in Kagoshima Prefecture to prepare for the resource.According to authorities, Japan has a total of 254 days of oil and oil products.storage, and three weeks of liquefied natural gas

Meanwhile, in China, officials are trying to persuade Iran to ensure safe passage for oil and gas tankers.Executives at a Chinese state-owned energy company told Bloomberg that China was pressuring Tehran not to touch the cargo and was negotiating a deal to ensure the vessel's passage.

When the Iron Maiden left the Persian Gulf and approached the Strait of Hormuz on March 5, its automatic identification system quietly changed its location information from "pending orders" to "class owner".This mechanism is designed for ships to locate each other and avoid conflicts, it has also become a strategic tool in areas where war and maritime politics are intertwined.

Some analysts said that if the conflict continues, China's ships may come under the "umbrella of defense" to reduce the risk of maritime disputes.Even in the midst of regional conflicts.China is more vulnerable to effectively block the Strait of Hormuz, which is about 45% crude oil concentration.

At the same time, the Asian giant has temporarily suspended fuel exports from its refineries.Strategic and commercial reserves - which Kepler determined for 115 days of delivery - give an edge, do not count on turning to powerful partners such as Angola, Brazil and, of course, Russia.

Before the war, the Chinese government began to diversify its sources of supply to reduce vulnerability, and had a huge oil reserve of 1.2 billion barrels. Thanks to these measures, China has become less dependent on oil shipments through the Port of Hormuz than other Asian countries, and has so far weathered the effects of the crisis, underpinning the Xi Jinping government's future strategy in a time of global instability.

"With the exception of Malaysia, all major Asian economies run a sustained deficit in oil and gas trade, leaving them exposed when global prices rise," says Deepali Bhargava, regional head of Asia-Pacific research at ING Bank."The Philippines is the country most at risk of inflation, not only because it depends on the Gulf for 90% of its oil needs, but also because its fuel subsidies are much more limited than other countries."

A few days ago, the Philippine government took strict measures to conserve energy by ordering public officials to reduce the use of air and travel.All national government agencies, universities, colleges and local governments were asked to reduce fuel consumption by at least 10%.Even reducing the working week to four days is being considered.

Other countries in Southeast Asia are also implementing measures to save energy.In Thailand, the Ministry of Defense recommends that controlled agencies reduce the use of air conditioning and use video conferencing to avoid unnecessary travel.In the neighboring country of Burma, the military government banned the transfer of half of the private vehicles.

Pakistan has ordered austerity measures and emergency fuel-saving measures.Prime Minister Shehbaz Sharif announced the measures in a televised address to the nation on Monday night, warning that the disruption of shipping along the coast of Hormuz posed a direct threat to Pakistan's economy.

Prime Minister Sharif announced a change to a four-day work week for government employees and a spring break for schools from March 16 until the end of the month. Fifty percent of government employees will work from home on a rotating basis, and the leader suggested similar arrangements for the private sector. Pakistan depends on exports for more than 80% of its oil needs.

Other measures include suspending the salaries of senior officials and reducing the salaries of district legislators by 25%.All face-to-face meetings in provincial governments have been banned and must take place online and fuel allocations to government offices have also been reduced.Also, the population was asked to limit social gatherings, weddings and parties to 200 guests and one main course at most.

In Bangladesh - which imports 95% of its oil and gas needs - the military has been deployed at major oil depots, while police patrol work sites and surrounding areas.The South Asian country of 170 million people has started distributing fuel and sending students home.