The Iran war has upended energy markets around the world, and one region most vulnerable to oil shocks is South East Asia.
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Around a fifth of the world’s oil is shipped through the Strait of Hormuz - a narrow strip of water along the southern coast of Iran. Much of that ends up in Asia. Countries in the region are already trying to get ahead of the problem of rising oil prices.
Thailand has mandated government employees to work from home to limit energy demand. Vietnam and China have restricted fuel exports at least until the end of March in anticipation of domestic shortages. The Philippines has started a four-day work week.
Why are countries in South East Asia so sensitive to fluctuating energy prices even though some are themselves oil producers? And will they be able to bear the cost of higher energy prices for a protracted period of time?
To unpack the ongoing oil rush in the region, host Mariko Oi speaks to three BBC journalists. Maura Fogarty is the BBC’s Asia bureau editor based in Singapore. She also also runs a team of business reporters. Panisa Aemocha and Thuong Le are BBC World Service reporters, both of whom have been looking into the Iran war’s impact on the energy market in Thailand and Vietnam respectively.
This episode was recorded on Monday 23 March.
00:00 Introduction
01:24 The impact of the war in Iran on Thailand’s energy supply
02:09 Why Thailand asked its government employees to work from home
03:48 How the war in Iran has affected Vietnam’s energy market
05:03 What happened to the region’s economy the last time an oil shock swept across South East Asia?
07:35 What the governments in Thailand and Vietnam are doing in anticipation of an oil crunch
09:46 What other South East Asian countries are doing to manage the oil crunch
12:57 The oil crunch’s knock on effect on other industries in Thailand and Vietnam
15:10 The crunch in South East Asia’s energy supply has affected cost of air fares
16:54 How the oil crunch is affecting the funeral industry in Thailand
18:48 Policymakers in South East Asia are preparing for the next oil shock
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Presenter: Mariko Oi
Producers: Derek Cai, Rachel Lee
Camera: Muhammad Firdaus Bin Mohd Ansary, Rosalehin Bin Rosli, Khairul Danish Bin Mohd Roslee
Editor: Bill Birtles
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