Oil dis­rup­tion

Enterprise - - Editor's Desk - Khadija Ra­jb­hoy Karachi

En­ter­prise high­lighted a highly sig­nif­i­cant is­sue af­fect­ing the global econ­omy. The sanc­tions, which have cre­ated se­vere re­straints on Iran’s abil­ity to con­duct rou­tine bank­ing and ship­ping op­er­a­tions, have caused se­vere dis­rup­tions to its econ­omy as the nu­clear pro­gram re­mains an in­creas­ingly ac­ri­mo­nious is­sue be­tween Iran and the West.

The de­pen­dence of hu­man wel­fare on oil is a rather in­ter­est­ing re­al­ity of the mod­ern age. In this con­text, the grow­ing strength of Asian economies to op­pose the oil em­bargo can­not be ig­nored, as pointed out in the En­ter­prise story. The sig­nif­i­cant im­pact of the in­di­vid­ual economies of China, In­dia, Malaysia, Ja­pan and Korea can­not be put aside in any move­ment re­lated to global econ­omy. It is not only the in­flu­ence of Asian economies but a dis­tinct set of needs of Asia as an emerg­ing global leader, which nec­es­sar­ily de­ter­mines the course for eco­nomic sanc­tions. If only mild threats by Iran and the West could re­flect in the in­ter­na­tional ex­change prices, then any se­vere ac­tion must be care­fully strate­gized.

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