Why the Hell Are Trump Officials Panic-Buying Armageddon Bunkers?
At an emergency meeting, South Korean President Lee Jae Myung called the war “a significant burden on our economy, which is highly dependent on global trade and energy imports from the Middle East.” Japan, which imports close to 95 percent of its oil from the Middle East, is reportedly preparing to release oil from its reserves, although no decision has been made yet.
Vietnam has removed its import tariffs on fuel, while Bangladesh has shut down its universities to conserve energy. Last week, China asked its refiners to suspend fuel exports and cancel any existing oil shipments.
In the Middle East itself, Iraq cut production in its oil fields by 70 percent, while Qatar, the world’s second-leading liquefied natural gas producer, has halted natural gas exports. Kuwait Petroleum Corp cut oil output on Saturday and declared force majeure, meaning that it can’t fulfill its contractual obligations. Bahrain’s state-owned Bapco Energies also declared force majeure on Monday after its refiners were attacked.