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Energy Expert: Hormuz Crisis Drives Oil Reserve Rise
It was reported by an energy expert that the crisis of closing the Strait of Hormuz led emerging countries like China and India to strengthen their oil reserves. China relies on the Arabian Gulf for 40% of its needs and has reserves sufficient for between 88 to 130 days. Meanwhile, India consumes about 5.6 million barrels per day, with projections indicating that its consumption will reach 8.2 million barrels by 2050, highlighting the importance of building strategic reserves to face supply crises.
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