- Gulf crisis –Saudi Arabia is the world's second?biggest oil producer after the United States, and Iran ranks among the top 10. Qatar, though small, is the world's second?largest exporter of liquefied natural gas (LNG), behind the United States. The Strait of Hormuz -- the gateway to the Gulf -- has been largely paralysed by the violence in the region. India depends heavily on crude from Iraq and Saudi Arabia -- even more so since the United States pressed it to reduce its purchases of Russian oil. Since Asia is also a major LNG consumer, Europe risks ending up in direct competition with it if Qatari gas becomes inaccessible.

Source: Bangladesh Sangbad Sangstha March 03, 2026 15:24 UTC