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As the conflict in the Middle East persists into March , the global energy market is facing its most significant stress test in decades. For Asia, the world's largest consumer of Middle East crude, the primary concern centres on the Strait of Hormuz, a narrow waterway through which nearly 80 % of Asia's oil imports must pass.
With shipping disruptions and rising insurance premiums, Asian governments are now tapping into strategic reserves to prevent economic paralysis.
Japan
-Reserve Duration: 254 days
Japan maintains one of the world’s most sophisticated energy safety nets, divided between state-owned stockpiles and mandatory private-sector holdings. This massive buffer is a direct response to Japan’s extreme vulnerability, as it relies on the Middle East for over 90% of its crude oil. To cope with the 2026 crisis, the Japanese government has authorised a "phased release" of these reserves to stabilise domestic prices and support refineries facing shipment delays.
Additionally, Tokyo is strengthening diplomatic energy ties with the GCC (Gulf Cooperation Council) to ensure "priority buyer" status.
South Korea
-Reserve Duration: 208 days
South Korea’s strategic reserves are managed by the Korea National Oil Corporation (KNOC) and are designed to sustain the country for nearly seven (7) months.
Given that South Korea is the world’s fifth-largest importer of crude, the government has implemented a "Crisis Level 3" protocol, which involves diversifying imports away from the Persian Gulf toward the Americas.
Seoul is also utilising state funds to subsidise freight costs for tankers taking the longer route around the Cape of Good Hope to avoid the Red Sea conflict zone.
South Korean President Lee Jae Myung said on Tuesday, March 9 that authorities would cap domestic fuel prices for the first time in nearly 30 years to contain a spike in prices after the conflict in the Middle East sent global crude prices sharply higher.
China
-Reserve Duration: 120 days
China has spent the last decade aggressively building its Strategic Petroleum Reserve (SPR), which is now estimated to hold over 1.2 billion barrels. While China imports roughly half of its oil through the Strait of Hormuz, it has mitigated this risk by significantly increasing overland pipeline imports from Russia and Kazakhstan.
Beijing is currently leveraging its "all-weather" partnership with Iran and Russia to secure non-dollar-denominated oil, effectively creating a parallel energy market that bypasses traditional Western-influenced supply chains.
India
-Reserve Duration: 50-60 days
India’s energy security is currently a high-wire act, as its underground strategic caverns hold only about nine (9) days of supply, with the remainder held in refinery tanks.
To bridge the gap during the ongoing Middle East war, New Delhi has maximised its intake of discounted Russian Urals, which now accounts for nearly 40% of its total imports. In recent days, Indian refiners have rapidly secured around 30 million barrels of Russian crude from the spot market, taking advantage of available cargoes after disruptions to Middle Eastern shipments through the Strait of Hormuz and a temporary US waiver allowing the purchases.
The government is also fast-tracking the "Phase II" expansion of its strategic reserves in Odisha and Karnataka to reach a 90-day target by 2028.
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Asia Media Centre
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