A new global energy risk assessment has ranked Singapore as the most vulnerable economy in the event of a major disruption to global fuel supplies, highlighting growing concerns over energy security amid rising geopolitical tensions.
The March 2026 report by Energy World Mag comes as oil prices have risen nearly 20 per cent following the US-Israel Iran strikes, intensifying fears of a broader energy shock.
According to the study, Singapore’s heavy reliance on imported fossil fuels, accounting for more than 97 per cent of its energy mix, leaves it acutely exposed to supply disruptions. The country imports over twice the energy it produces domestically and depends entirely on foreign sources for natural gas, giving it a vulnerability score of 85.2, the highest among 75 countries analysed.
The report underscores a central theme shaping global energy resilience: the balance between domestic production and import reliance. Economies that depend heavily on external supply chains, particularly for fossil fuels, face heightened exposure to price volatility and supply shocks.
Other economies ranking high on the vulnerability index include Turkmenistan, Hong Kong, Morocco and Belarus, each characterised by either heavy fossil fuel dependence, high import ratios, or both.
Hong Kong, for instance, imports 176 per cent more energy than it produces, while Belarus relies on imports for 95 per cent of its natural gas, exposing both to external supply shocks. Morocco, meanwhile, sources roughly 94 per cent of its energy from abroad, amplifying vulnerability in lower-income economies where consumers have limited buffers against rising costs.
Even energy exporters such as Iran and Algeria feature on the list due to overwhelming dependence on fossil fuels and limited diversification into alternative energy sources.
The study evaluated countries across seven key indicators, including energy self-sufficiency, fuel diversification, and natural gas import dependency. Nations were assigned vulnerability scores from 0 to 100, with higher scores indicating greater exposure to supply disruptions.
A recurring weakness identified was over-reliance on a single energy source—primarily fossil fuels, combined with limited investment in renewables or nuclear alternatives. Countries with narrow energy mixes were found to be less adaptable during crises, particularly when global supply chains are disrupted.
An analyst at Energy World Mag drew parallels with the 2022 European energy crisis, noting that even advanced economies struggled under supply constraints.
“The 2022 European energy crisis taught us that even wealthy countries with diverse economies can face severe shortages when they depend too much on imported fuel.
“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.
