developing countries

Global energy crisis exposes developing nations' lack of oil reserves

The energy crisis triggered by the Iran war is hitting developing countries hard, as they lack sufficient oil storage to cope with price shocks. The IEA's release of 400 million barrels in March highlighted a severe shortage of reserves across the developing world, particularly in Asia-Pacific. Experts say nations should aim for 120–150 days of reserves, while renewable energy acceleration offers a long-term solution.