But if the crisis continues, or other regions are impacted, that could change. Japan, Taiwan, and Korea lack any meaningful petroleum or natural gas resources and are reliant almost entirely on imports. For gas, that means LNG, and of the three countries, Taiwan is the most dependent on LNG via the Strait of Hormuz. 30% of their LNG comes from Qatar and the United Arab Emirates, compared to 6% for Korea and 14% for Japan.
According to Japan NRG, a Tokyo-based energy consultancy, “the economy is still exposed to higher import prices, shipping disruptions, and financial market spillovers.” Moreover, “rising fuel costs could feed into electricity tariffs, manufacturing costs, and inflation.”
