Business · Associated Press Technology
Russian oil in heavy demand as desperate Asia tackles energy shock
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BANGKOK — Asian nations are increasingly competing for Russian crude oil as an energy crisis mounts amid the month-old war by the U.S. and Israel against Iran, which has choked off roughly a fifth of the world’s oil supply.
Key facts
- Fuel prices in Thailand jumped on March 26 after caps and subsidies were lifted, with most fuels rising about 20 U.S. cents per liter, with diesel up roughly 18% — a hit to industry
- China sourced about 13% of its seaborne crude from Iran, according to Kpler, and roughly 20% from Russia, said financial data group LSEG
- India alone typically needs 5.5 million to 6 million barrels of oil per day
- Its oil imports from Russia jumped to roughly 1.9 million barrels a day in March, from about 1 million barrels before the Iran war
Summary
Much of the oil from the mostly shut Strait of Hormuz was headed for Asia, hit hardest by recent energy shocks. To shore up global crude oil supplies, the U.S. has temporarily eased sanctions on Russian oil shipments already at sea — first for India, then for the rest of the world. Demand is rising in Asia while Russia is raking in billions of dollars. In addition, Russia’s 4-year-old full-scale invasion of Ukraine and recent drone attacks on its energy facilities by Kyiv are hurting its export capabilities.