There is a growing focus on security of supply for Asia’s largest oil importers as they watch the escalating tensions in the Strait of Hormuz with concern (see p7). They depend on Middle Eastern crude oil and condensate to keep the economic wheels turning (see chart), with Japan relying on the region for a whopping 89% of oil imports.

Within this, some 800,000 b/d comes from Oman which is secure from the tumult engulfing Hormuz. Meanwhile the UAE can export up to 1.5mn b/d of its...