Energy

Asia races to stockpile oil, speed up renewables in response to Iran war - Reuters

Source: Reuters

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DW NOTE

Asia isn't "racing to stockpile oil" — it's scrambling because the Strait has been closed for four days and supply is already down 6% for the year. The renewables pivot isn't a policy choice, it's what you do when 17 million barrels a day stop flowing and Brent is at $104 with no ceiling in sight.

Read the full story at Reuters →

The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.

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Asia races to stockpile oil, speed up renewables in response to Iran war - Reuters

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