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Opinion

Saudi oil attack is wake-up call for Asian economies

Region should not panic but must start stockpiling in case of future disruption

| Middle East

On September 14, drone attacks -- claimed by Yemen's Houthi rebels -- hit the heart of Saudi Arabia's oil production facilities. These attacks took out 5.7 million barrels per day, which is half of Saudi production and 5% of global oil production, and sent benchmark oil prices up a fifth to almost $72.

The attacks have elevated regional and global tensions, and oil prices remain higher than before. In the short term, Asian countries should not panic -- but this is a timely reminder that these economies need to prepare themselves and protect their fuel supplies in case similar attacks -- or worse -- recur.

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