Global Energy Crisis Highlights Meagre Oil Buffers in Developing World

The Strait of Hormuz blockade directly threatens global oil supply, with developing countries most vulnerable due to inadequate strategic reserves. The channel is supply_shortage: reduced crude availability from the Middle East hits import-dependent economies (e.g., Pakistan, India) hardest, raising their import costs and squeezing fiscal/macro stability. IEA reserves can buffer OECD countries, but non-OECD developing nations face acute scarcity. The impact is global but disproportionately affects EM markets. Winners: oil producers outside the Strait (e.g., US shale, Russia). Losers: net oil importers in Asia and Africa.