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More than half of China's oil production will be at risk if tensions between North Korea and its North Asia neighbors spirals into conflict, energy consultancy Wood Mackenzie warned.

Military action could halt the flow of crude oil imports to South Korea, Japan and China, which together account for 34 percent of seaborne oil trade globally, the consultants said in a Wednesday report.

Under a "worst case scenario," China could permit the release of oil from strategic reserves "for the first time since it started building these 3-4 years ago," said Chris Graham, product suite director for gas and LNG at Wood Mackenzie.

Reference: CNBC

Read more: https://www.cnbc.com/2017/08/31/a-north-korea-crisis-would-threaten-more-than-a-third-of-the-oil-moving-on-the-oceans.html