Sourced : Bloomberg
Forget the Strait of Hormuz. The real place to watch the simmering diplomatic battle between Saudi Arabia and Qatar is 5,500 kilometers to the southeast, in the Strait of Malacca between Malaysia and Indonesia.
That’s because the petroleum market’s center of gravity, along with that of the global economy, is in Asia these days. As recently as the 2003 Iraq War, the U.S. and Europe accounted for more than half of the world’s oil imports.
The share has now fallen to barely more than a third, as imports by the north Atlantic countries have stood still while those by China, India, South Korea and the Philippines have surged.
Read more at : https://www.bloomberg.com/gadfly/articles/2017-06-06/saudi-qatar-s-true-battleground-is-asia