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Oil-thirsty Asian nations seek Russian crude as Iran war strains supplies
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.
20 Articles
20 Articles
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.
Oil price surge, sanctions relief, and new demand from Asia bring Russia billions, but problems remain
Is Russia really the winner?
Will Vladimir Putin be the real winner of Trump and Netanyahu's war on Iran? The Russian federal budget for 2026 was based on an anticipated average of $59 per barrel of Urals crude and is now benefitting from soaring oil prices, which edged above $110 on 19 March. The US, concerned about rising energy costs, has temporarily suspended sanctions against India for its imports of Russian crude, ignoring the resulting complaints from many European c…
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