Asian Countries Increase Russian Crude Imports Amid Iran Conflict Disruptions
Asian nations compete for Russian crude as Iran conflict cuts 20% of global oil supply; India’s imports rose to 1.9 million barrels daily in March, data show.
- Asian nations are increasingly purchasing Russian crude oil to secure energy supplies amid the month-old conflict involving the U.S., Israel, and Iran, following disruptions at the Strait of Hormuz that have choked off significant oil supplies to the region.
- Before the conflict, the Philippines relied on the Middle East for nearly 97% of its total seaborne oil imports, prompting Manila to import Russian crude for the first time in five years after declaring an energy emergency.
- India increased Russian crude imports to roughly 1.9 million barrels a day in March from about 1 million barrels before the Iran war, while China, which sourced about 13% of its seaborne crude from Iran, is adjusting supply sources.
- Thailand saw fuel prices jump roughly 18% after subsidy changes on March 26, squeezing manufacturing; Indonesian Energy Minister Bahlil Lahadalia said 'all options are on the table' to shore up energy reserves, including Russia and Brunei.
- Asian nations competing for Russian crude hope the U.S. extends its sanction waiver beyond April, as alternative sources like the U.S., South America, or West Africa are too far for Asia, meaning shipments would not arrive for months.
28 Articles
28 Articles
Asian countries, with energy shortages, are taking advantage of exemptions from US sanctions to buy Russian oil to cover the deficit caused by the war with Iran.Philippines received its first shipment of ESPO crude in nearly six years, while South Korea's first shipment of Russian naphtha this year reached Daesan port and is waiting to be unloaded, according to vessel tracking data.Other countries, such as Sri Lanka, are in talks with Moscow on …
Oil-thirsty Asian nations vying for Russian crude
BANGKOK — Asian nations are increasingly competing for Russian crude oil as an energy crisis mounts amid the month-old war by the US and Israel against Iran, which has choked off roughly a fifth of the world’s oil supply.Much of the oil from the mostly shut Strait of Hormuz was headed for Asia, hit hardest by recent energy shocks. Over the weekend, Iran-backed Houthi rebels entered the conflict, further threatening shipping.To shore up global cr…
The rise in demand for Russian crude oil and the rise in price give an unexpected respite to Moscow’s economy
Associated Press News
Oil-thirsty Asian nations seek Russian crude as Iran war strains supplies
Asian nations are increasingly competing for Russian crude oil as an energy crisis mounts amid the U.S. and Israeli war in Iran, which has choked off roughly a fifth of the world’s oil supply.
Asian countries switch to Russian oil amid crisis over Middle East war - FTPhilippines, Korea and India have resumed purchases of raw materials from Russia due to energy crisis. US temporarily lifted restrictions amid rising Brent prices.
The war unleashed by the United States and Israel against Iran has brutally closed the oil and gas taps in the Gulf, plunging the Asian countries into an acute energy crisis. Taking advantage of a temporary US derogation from Russian oil, several capitals are turning to Moscow again.
Coverage Details
Bias Distribution
- 61% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
