Hormuz and ASEAN: Are we ready?
Nowadays, it seems like everyone stares at the board of oil prices. The rising oil price due to the growing Iran-related tensions on oil, LNG and oil products markets has resulted in strong reasons for every government, especially in a net importing country, to adjust the price in every gas station.
For example in Indonesia, all of the seven refineries owned by Pertamina, National Oil Company, blend their mix of crude from domestic production with imported oil from Persian Gulf states. About 45% of Indonesia’s national fuel demand, or about 75% of fuel demand in Java, is imported from Iran. It’s not difficult to imagine what would happen if the crisis there escalates.
You may read the full article here.