The closure of the Strait of Hormuz has caused energy shortages across multiple continents, with the Philippines, Bangladesh, Pakistan, and Slovenia among the countries imposing measures to conserve fuel.
The conflict between the United States, Israel, and Iran, which began on February 28, has disrupted roughly 20% of the world’s seaborne oil supply, deepening global energy supply concerns.
Philippines Declares First National Energy Emergency
Philippine President Ferdinand Marcos Jr. has declared a national energy emergency due to the country’s fuel supply. The Philippines imports roughly 98% of its oil from the Gulf, making it one of Asia’s most vulnerable economies.
“A state of national energy emergency is hereby declared in light of the ongoing conflict in the Middle East, and the resulting imminent danger posed upon the availability and stability of the country’s energy supply,” the Executive Order read.
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Global Austerity Measures Spread
The crisis extends well beyond the Philippines. Bangladesh shut all public and private universities in early March to reduce electricity and fuel consumption. The country also hiked jet fuel prices.
Pakistan moved to a shortened four-day workweek for government staff and temporarily shut down schools and universities for two weeks. In Vietnam, the trade ministry instructed businesses nationwide to shift to remote work arrangements where possible.
Meanwhile, Prime Minister Narendra Modi warned that the conflict poses challenges to the country.
“West Asian war has impacted us all. I want to express the government’s stance on this war in front of the House and the people of India. This war has been going on for over three weeks. The war has caused a serious energy crisis in the world. For India, too, this situation is concerning. The war has impacted our trade routes. With this, the routine supply of petrol, diesel, gas and fertilisers has been affected,” he said.
In Europe, Slovenia became the first EU member state to ration fuel. Private drivers are now limited to 50 liters per day. Businesses and farmers can purchase up to 200 liters.
If the war continues, the pressure on import-dependent economies may intensify in the weeks ahead.
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