Falling oil prices and the easing of a commodities crunch have pushed countries ā wary of being left exposed by another global crisis akin to the closure of the Strait of Hormuz ā to shore up their stockpiles.
India, which relies on the Gulf for the vast majority of its oil imports, is moving to build larger crude inventories, expand storage capacity, and negotiate new supply partnerships in a bid to boost energy security. Europe too is seeking to increase reserves.
Meanwhile, analysts have called for China to expand its strategic stockpile beyond oil and into natural gas, critical minerals, and key components. āAs the Hormuz shock subsides, the lesson for importers is clear: āimpossibleā disruptions can happen,ā a Reuters columnist wrote.