Which Countries Would Suffer Most in a Global Energy Shutdown? This Study Has Answers

Hong Kong followed at 80.2. The city imports 176% more energy than it produces and relies on overseas sources for all of its natural gas.

Morocco (74.6) and Belarus (74.2) round out the top five, both importing the vast majority of their energy. At the same time, low average incomes ($4,000 and $8,000, respectively) leave their populations with limited capacity to handle price shocks.

An energy market analyst from World Energy Mag warned that even wealthy economies like Germany and Italy faced energy rationing during the 2022 crisis. Smaller import-dependent markets like Singapore and Hong Kong have even less capacity to cope with disruptions.

“Germany and Italy had to ration energy despite being among the world‘s largest economies. The difference is that places like Singapore or Hong Kong have even less room to maneuver because they produce almost no domestic energy. When supplies get disrupted, they can’t just switch to local coal or increase their own gas production,” the analyst said.

Nonetheless, Singapore‘s Minister for Manpower Tan See Leng noted that about half of the country’s gas arrives via piped natural gas, unaffected by the Middle East conflict. The government also maintains a fuel stockpile.

Still, with Brent crude exceeding $116 per barrel and supply disruptions expected to continue, concerns are rising. Whether current emergency reserves can absorb a prolonged disruption remains an open question for policymakers and markets alike.

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