Post by : Shakul

Asian countries are increasingly turning to Russia for crude oil as a growing energy crisis disrupts global supply chains following the ongoing conflict involving the Iran. The war has severely impacted oil flows through the Strait of Hormuz, a crucial route that normally carries nearly 20% of the world’s oil, with Asia being the hardest hit region.

With Middle Eastern supplies constrained, demand for discounted Russian crude has surged across Asia. Major economies like India and China have already secured large volumes, while Southeast Asian nations including Philippines, Vietnam, Thailand, and Indonesia are now entering the competition to secure limited supplies.

The crisis has been intensified by geopolitical developments, including temporary easing of U.S. sanctions on Russian oil shipments and disruptions caused by ongoing attacks linked to the conflict. However, experts warn that Russia’s export capacity is already near its peak, producing around 3.8 million barrels per day, leaving limited room to meet rising global demand.

Countries like the Philippines are already facing severe consequences, including long fuel queues, rising transportation costs, and emergency government measures. With nearly 97% of its oil imports previously dependent on the Middle East, the disruption has exposed vulnerabilities in energy security and pushed millions closer to economic hardship.

Despite the opportunity for Russia to benefit economically, the situation remains fragile. Analysts highlight that limited global supply, long shipping times from alternative regions, and increasing demand could prolong the crisis. The situation underscores how rapidly geopolitical conflicts can reshape energy markets, forcing nations to prioritise energy security over political considerations.

#world news #Global News #Business News #Asia News