Asian Countries Boost Oil Reserves Amid Strait of Hormuz Crisis

The Strait of Hormuz crisis has prompted Asia to strengthen its oil and gas reserves. The UAE's state-owned Abu Dhabi National Oil Company (ADNOC) already stores oil in Singapore, India, South Korea, and Japan. ADNOC is seeking to increase its crude storage capacity in India to 30 million barrels.

Kuwait and Saudi Arabia also maintain stockpiles in South Korea and Japan. India is considering storing some strategic reserves at the UAE port of Fujairah on the Gulf of Oman, outside the Strait of Hormuz.

South Korea is considering expanding its oil reserves, which stand at about 146 million barrels. Reports suggest Seoul could add another 30 to 40 million barrels, exceeding earlier plans for an additional 20 million barrels.