There is a growing focus on security of supply for Asia’s largest oil importers as they watch the escalating tensions in the Strait of Hormuz with concern (MEES, 26 July). They depend on Middle Eastern crude oil and condensate to keep the economic wheels turning (see chart), with Japan relying on the region for a whopping 89% of oil imports.
Within this, some 800,000 b/d comes from Oman which is secure from the tumult engulfing Hormuz. Meanwhile the UAE can export up to 1.5mn b/d of its Murban crude from the Indian Ocean port of Fujairah (see p8), but even this has been shown to be vulnerable to attack (MEES, 28 June). (CONTINUED - 1237 WORDS)