As the blockade of the Strait of Hormuz drives the worst energy crunch in modern history, leading governments to scramble to unload their emergency oil stockpiles, developing countries are among the least prepared to mitigate the shock.Although surging fuel prices due to the fallout of the US-Israel war on Iran have impacted most of the world, import-reliant poorer countries are among the worst affected and the most lacking in energy reserves to cushion the blow.Recommended Stories list of 4 itemsend of listThe International Energy Agency (IEA), the Paris-based body tasked with ensuring the global oil supply, is comprised exclusively of the industrialised countries that are part of the Organisation for Economic Co-operation and Development (OECD).Established in 1974, when developed Western countries accounted for the bulk of global oil consumption, the IEA’s 32 member countries represent only about 16 percent of the world’s population.While the agency’s coordinated release of 400 million barrels of emergency reserves in March was aimed at easing prices globally – theoretically benefitting all countries – the move highlighted the lack of stockpiles across much of the Global South.Apart from the Middle East and Central Asia, the epicentre of the conflict, the Asia Pacific region, where many economies are heavily reliant on imported fuel, is expected to take the biggest economic hit.In its latest forecast last month, the Asian Development Bank downgraded its 2026 growth outlook for the region’s develo …
