Oil Buyers Battered by the Iran War Energy Crisis Race to Build Buffers

Developing countries in Asia, including the Philippines, are racing to build strategic petroleum reserves to protect themselves from future energy crises. Rising fuel costs are taking a toll on their economies, prompting these nations to seek buffers against price shocks. The move is a response to the current energy crisis, which has been exacerbated by the Iran war. By building these reserves, countries aim to reduce their vulnerability to volatile oil prices and mitigate the impact on their economies.

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