Energy

Philippines declares national energy emergency as Asia risks energy crisis amid Iran war - ABC News - Breaking News, Latest News and Videos

Source: ABC News - Breaking News, Latest News and Videos

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DW NOTE

The Philippines joins a queue that should not exist. Iran shut the Strait of Hormuz three months ago; Manila is only declaring emergency now because refineries cannot substitute Middle East crude as quickly as officials assumed. The IEA projects global supply down 5.7 million barrels per day this year — that is not a shock absorber, that is structural deficit. Every Asian net importer is now bidding for West African and American cargoes that were never sized for this level of demand.

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Bitcoin drops below $80,000 as crypto ignores Asian tech rally, Fed meeting begins

Amundi Says ‘Worst Is Behind Us’ as Gold Flirts With $4,000 - Bloomberg.com

Gold retreats on stronger dollar; traders brace for Fed - Kitco

India Rejects Claims of U.S. Pressure Over Russian Oil Purchases