Europe could be next in line for fuel shortages

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The boss of Shell has warned that Europe could experience fuel shortages from April if the Strait of Hormuz remains closed. The crisis has already led to rationing in several parts of Asia. The Philippines have declared a national emergency, while South Korea has launched an energy-saving drive that asks citizens to take shorter showers and avoid using washing machines during the week. Sri Lanka has switched off street lights and electronic billboards. Asia is acutely vulnerable to disruption given it sources 60% of its crude from the Middle East. But Europe is not immune. As of 26 February the UK had strategic reserves of 68m barrels, one of the smallest contingencies among large economies and enough for about 90 days. That said, Shell is hardly a disinterested party. This month it signed preliminary oil deals with Venezuela.