The conflict in the Middle East is upending global energy supplies. Asian nations are scrambling to secure oil and cap the price of fuel.
South Korea said on Friday that it has reached a deal for more than 6 million barrels of emergency crude oil from the United Arab Emirates.
A senior official of the presidential office in Seoul said 4 million barrels will be received by two South Korean tankers that will be sent to the UAE without passing the Strait of Hormuz. Another 2 million barrels will come from a joint reserve stored in South Korea.
The official said South Korea’s current stockpiles can last about seven months. He said the extra 6 million barrels are for the possibility of prolonged supply disruptions.
Myanmar’s junta has announced restrictions on car traffic, starting Saturday. Vehicles with license plates starting with even and odd numbers can only be driven on alternate days.
The regulation will cover private and commercial vehicles, but not public buses, taxis, fuel trucks and electric vehicles.
Thailand says it has oil reserves for 95 days. Authorities have asked energy traders to buy more crude oil from outside the Middle East.
The Thai government says it will use state funds to keep retail prices of gasoline and diesel oil unchanged until March 17.
Operators of buses, taxis and hired vehicles in Thailand have been asked not to raise fares during the period. The government says legal measures will be considered against price gouging.
