Beyond the current price spike, Libya’s oil crisis will have far more long-term repercussions in China and India. The supply disruption is a real wake up call for Beijing and New Delhi to speed up the construction of strategic reserves.
The result? Higher oil prices as both countries import extra oil for their reserves.
China is today the world’s second-largest oil importer, only behind the US. India is the world’s fifth largest, ahead of countries such as South Korea, France and the UK. But the pair lack a strategic petroleum reserve that can be tapped during a supply crisis similar in size and scope to the ones held by Western countries.
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