For many developing economies in Asia, the spike in oil prices in the first half of the year has dampened growth prospects and served as a reminder of the region’s dependence on imported fuels. While Americans fret over higher gas prices, it is worth noting that half of all crude exported from the Middle East goes to Asia, where demand continues to soar.
But for the tiny oil-rich Islamic sultanate of Brunei Darussalam (Abode of Peace), which first tapped ‘black gold’ in 1929 during British colonial rule, this year’s higher oil prices spell reward – and opportunity. The energy sector accounts for 90% of export revenue and 53% of overall economic output, making current conditions conducive to another year of solid growth at home.