Oil Shortage Pain Begins for Asia

Asian economies are starting to feel the first serious effects of the oil and gas export paralysis in the Persian Gulf, with economic growth stuttering and likely to deteriorate over the coming months. Some are already in stagflation, and the outlook is dire. Asia buys 85% of its total oil imports from Persian Gulf countries, which made it especially vulnerable to the kind of supply shock that almost nobody believed would ever materialize. Now that it has, Asia is suffering the consequences of its heavy dependence. Asia imported 30% less oil last…