The conflict in the Middle East has triggered a massive rise in\nenergy prices and concerns over global supply shortages. The fuel crisis\nis already affecting the aviation sector in Southeast Asia.<\/p>\n
Vietnam\u2019s aviation authorities report that national carrier Vietnam\nAirlines will suspend nearly two dozen domestic flights per week\nstarting next month.<\/p>\n
\u201cVietnam Airlines plans to temporarily halt operations on several\nroutes from 1 April,\u201d states the declaration from Vietnam\u2019s civil\naviation authority.<\/p>\n
The total suspension of 23 flights per week is being forced due to\nlimited supplies of jet fuel (Jet A-1) resulting from the Middle East\nconflict.<\/p>\n
Currently, Vietnam has requested fuel support from several countries,\nincluding Qatar, Kuwait, Algeria, and Japan, and has signed oil and gas\nproduction agreements with Russia.<\/p>\n
A similar situation is occurring in Myanmar, where the national\ncarrier has announced the cancellation of several domestic flights due\nto \u201cunavoidable circumstances\u201d.<\/p>\n
In the United States, United Airlines has also reduced its flight\ncapacity due to the surge in jet fuel costs, which are expected to\ncontinue rising during the Gulf war.<\/p>\n
Prime Minister Sanae Takaichi stated that Japan will release portions\nof its strategic oil reserves again starting Thursday (26 March).<\/p>\n
Additionally, Tokyo will begin using joint stocks stored by producer\ncountries in Japan by the end of this month to maintain national energy\nresilience.<\/p>\n
\u201cTo secure the necessary amount for all of Japan\u2026 we will release\nnational reserves (of oil) starting 26 March,\u201d Takaichi said, quoted\nfrom AFP.<\/p>\n
This step follows Tokyo\u2019s policy last week to release private sector\noil reserves equivalent to 15 days\u2019 needs.<\/p>\n
Takaichi added that the release from joint reserves with\noil-producing countries is also expected to begin in March.<\/p>\n
Japan is a country that relies heavily on the Middle East for 95 per\ncent of its oil imports.<\/p>\n
Nevertheless, the Land of the Rising Sun has one of the world\u2019s\nlargest strategic oil reserves, exceeding 400 million barrels as of last\nDecember.<\/p>\n
According to the Japan Oil Association, these joint reserves are\nstored by Saudi Arabia, the United Arab Emirates (UAE), and Kuwait.<\/p>\n
In normal situations, the crude oil is used commercially, but\nJapanese oil companies have priority purchase rights in emergencies.<\/p>\n
Economy Minister Ryosei Akazawa revealed that Japan is endeavouring\nto obtain oil from ports in Saudi Arabia and the UAE via routes \u201cthat do\nnot pass through the Hormuz Strait\u201d and to expand purchases from the\nUnited States.<\/p>\n
This decision aligns with the agreement of International Energy\nAgency (IEA) members on 11 March to utilise oil stocks to curb price\nsurges due to the Middle East war.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/hormuz-strait-crisis-vietnam-reduces-number-of-flights-japan-releases-oil-reserves-1774345952", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }