NEW DELHI: According to S&P Global Platts Analytics, the dramatic rise in crude oil prices to USD 100 per barrel is prompting Asian importers to rethink their supply strategy as well as their fiscal roadmap, which could result in a more aggressive use of strategic reserves, changes to fuel subsidies and taxes, and a much stronger push toward new energy alternatives.

Keeping the oil import bill in check is one of the most important priorities in Asia at a time when governments are desperate to allocate funds for economic revival, analysts said. Although the oil demand outlook for top consumers China and India appears to be resilient following a long period of pandemic-hit uneven growth, analysts said that keeping the oil import bill in check is one of the most important priorities in Asia at a time when governments are desperate to allocate funds for economic revival.

"If oil prices continue to climb, they will reduce demand and jeopardise the fragile economic recovery," said Lim Jit Yang, an oil market advisor at S&P Global Platts Analytics.

According to Platts Analytics, Asian oil demand will increase by 1.5 million barrels per day in 2022, up from 1.2 million barrels per day in 2021, as the impact of the omicron coronavirus variant on Asian oil demand is expected to be less severe than the delta strain, and many countries are moving toward reopening economies due to higher vaccination rates.

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