Asia Is in the Eye of the Energy Crisis

Asia will bear the brunt of the energy crisis unfolding as a result of the war in the Middle East, former IEA chief Nobuo Tanaka warned this week. Speaking at a hydrogen industry event in Malaysia, Tanaka said, as quoted by the Borneo Times, that “The first oil shock created the IEA in 1973. The second transformed industries and economies. Now we are facing a third oil shock, and Asia is at the centre of it.” The official went on to note that the closure of the Strait of Hormuz is a nightmare scenario come true, adding that the closure…