"It's going to redistribute wealth in these countries and it may actually be a good thing for them," Gittler said.
Even oil producers such as Malaysia that stand to profit from higher prices face a downside.
Malaysia subsidizes retail gasoline, so rising crude prices will increase costs to its treasury, said Jeff Brown, managing director of FACTS Global Energy in Singapore. And he noted that Malaysia exports personal computers, chips and other technology goods to the US and Europe, where sales could slow as energy prices rise.
"So I would be reluctant to even say that Malaysia's a beneficiary" of the oil boom, he said.
In Japan, airlines have responded to soaring oil prices by raising fuel surcharges on tickets by up to US$42 per passenger, effective next month.
In Thailand, state-owned oil company PTT PCL has asked the government to cut the amount of fuel it is required to hold in reserve from 30 days' supply to 18 days. The company said that would avert possible diesel shortages by letting it sell cheaper stocks bought earlier without having to replace them at current high prices.
Also see: EU must accept dollar weakness
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