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. 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.
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How to improve your chance of a healthy pregnancyInspired by Picasso, an AP photographer visualizes a blind person ‘seeing’ artPeople often miscalculate climate choices, a study says. One surprise is owning a dogCorn tortillas in California now must contain folic acid. More states are looking at itMore women are having babies later in life. How to improve your chance of a healthy pregnancyJury finds Instagram and YouTube liable in a landmark social media addiction trialDo-it-yourself projects can save money and build confidence, or do the oppositeEl papa León XIV rechaza en Domingo de Ramos las afirmaciones de que Dios justifica la guerraEl papa León XIV rechaza en Domingo de Ramos las afirmaciones de que Dios justifica la guerraLIVE How to improve your chance of a healthy pregnancyInspired by Picasso, an AP photographer visualizes a blind person ‘seeing’ artPeople often miscalculate climate choices, a study says. One surprise is owning a dogCorn tortillas in California now must contain folic acid. More states are looking at itMore women are having babies later in life. How to improve your chance of a healthy pregnancyJury finds Instagram and YouTube liable in a landmark social media addiction trialDo-it-yourself projects can save money and build confidence, or do the oppositeEl papa León XIV rechaza en Domingo de Ramos las afirmaciones de que Dios justifica la guerraEl papa León XIV rechaza en Domingo de Ramos las afirmaciones de que Dios justifica la guerraBusinessA sign announcing ‘Diesel fuel has run out’ is displayed on a gas staton, in Prajuab Kirikhan, Thailand, Wednesday, March 18, 2026. Liberia-flagged tanker Shenlong Suezmax, carrying crude oil from Saudi Arabia, that arrived clearing the Strait of Hormuz, is seen at the Mumbai Port in Mumbai, India, Thursday, March 12, 2026. A jeepney driver poses after receiving cash assistance from the government to help in their livelihood as oil prices continue to rise, Wednesday, March 25, 2026, in Quezon city, Philippines. People store fuel in a plastic can at a petrol pump amid fears of a possible shortage due to the US Iran war, in Srinagar, Indian controlled Kashmir, Wednesday, March 25, 2026. Motorists wait to get fuel at a pump, fearing a possible fuel shortage due to the US Iran war, in Srinagar, Indian controlled Kashmir, Wednesday, March 25, 2026. A sign announcing ‘Diesel fuel has run out’ is displayed on a gas staton, in Prajuab Kirikhan, Thailand, Wednesday, March 18, 2026. A sign announcing ‘Diesel fuel has run out’ is displayed on a gas staton, in Prajuab Kirikhan, Thailand, Wednesday, March 18, 2026. Liberia-flagged tanker Shenlong Suezmax, carrying crude oil from Saudi Arabia, that arrived clearing the Strait of Hormuz, is seen at the Mumbai Port in Mumbai, India, Thursday, March 12, 2026. Liberia-flagged tanker Shenlong Suezmax, carrying crude oil from Saudi Arabia, that arrived clearing the Strait of Hormuz, is seen at the Mumbai Port in Mumbai, India, Thursday, March 12, 2026. A jeepney driver poses after receiving cash assistance from the government to help in their livelihood as oil prices continue to rise, Wednesday, March 25, 2026, in Quezon city, Philippines. A jeepney driver poses after receiving cash assistance from the government to help in their livelihood as oil prices continue to rise, Wednesday, March 25, 2026, in Quezon city, Philippines. People store fuel in a plastic can at a petrol pump amid fears of a possible shortage due to the US Iran war, in Srinagar, Indian controlled Kashmir, Wednesday, March 25, 2026. People store fuel in a plastic can at a petrol pump amid fears of a possible shortage due to the US Iran war, in Srinagar, Indian controlled Kashmir, Wednesday, March 25, 2026. Motorists wait to get fuel at a pump, fearing a possible fuel shortage due to the US Iran war, in Srinagar, Indian controlled Kashmir, Wednesday, March 25, 2026. Motorists wait to get fuel at a pump, fearing a possible fuel shortage due to the US Iran war, in Srinagar, Indian controlled Kashmir, Wednesday, March 25, 2026. by the U.S. and Israel against Iran, which has choked off roughly a fifth of the world’s oil supply.. But experts say there is a limit to how much Moscow can boost its exports of crude oil, which is unrefined petroleum needed to make fuels like gasoline and diesel, and it is already exporting at a level close to its previous peak.the opportunity is short-lived and shrinking, said Muyu Xu, a senior crude oil analyst at the global trade data firm Kpler.Before the Iran war, China, India and Turkey were the main importers of Russian oil, flouting Western sanctions for a healthy discount. But the U.S. sanction waiver sent energy-hungry Southeast Asia into a flurry. This month, the Philippines, Indonesia, Thailand and Vietnam signaled new interest in Russian oil. Manila, a long-time U.S. ally, imported Russian crude for the first time in five years — days after it declared an Others may follow, but will compete with China and India for roughly 126 million barrels still at sea, according to Kpler.Analysts say Russia is unlikely to boost exports sharply. In March, flows were about 3.8 million barrels a day, above February’s 3.2 million but still below the mid-2023 peak of 3.9 million. Xu said the crisis was a reminder of how quickly geopolitics can shift — sometimes driven by just a few decision-makers — making it hard for countries to plan ahead. She said “right now, really the priority is to ensure your supply and all the other considerations are secondary.” Southeast Asian countries competing for the dwindling amount of Russian crude oil at sea are likely hoping the U.S. extends its sanction waiver beyond April, Xu added. The options are limited for these nations, and safer bets — like crude oil from the U.S., South America or West Africa — are too far for Asia, meaning shipments won’t arrive for months. That leaves poorer nations scrambling.Airlines in the Philippines are weighing fuel rationing. Cash handouts are being rushed to those hit hardest, like transportation workers. On most days, Before the war, the Philippines relied on the Middle East for nearly 97% of its total seaborne oil imports, according to Kpler data. The energy emergency declaration is a “new frontier” in its scale and magnitude, said Kairos Dela Cruz of the Institute for Climate and Sustainable Cities.To ease energy shortfalls, the Philippines imported crude oil, a first since 2021. Other Southeast Asian nations are weighing similar options.included agreements on oil and gas cooperation, alongside nuclear energy, as rising diesel prices begin to squeeze Vietnam’s manufacturing sector. In Indonesia, officials said “all countries are possible” partners as they shore up reserves. This includes Russia and the tiny oil and gas sultanate of Brunei, said Indonesian Energy Minister Bahlil Lahadalia. “When you don’t have any other options, all options are on the table,” said Putra Adhiguna of the Jakarta-based Energy Shift Institute. While weighing similar moves, Thailand is not as desperate as the Philippines, said Jitsai Santaputra of the energy consultancy The Lantau Group in Bangkok. She added that Thailand will likely wait and see so long as the impact is limited.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 and transportation that risks pushing up the price of other goods.An additional advantage for India was having U.S. sanctions on Russian crude oil removed about a week before other countries. “They took that chance and snapped up quite many cargoes,” Xu said. By the time U.S. President Donald Trump allowed everybody else to buy, she said it was “already a bit too late because most of the cargo had already been ordered” by China and India. Even with the head start, Kpler data shows India’s crude oil imports from Russia probably aren’t enough to offset the lack of supplies from the Middle East. 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. Before that conflict, India imported around 2.6 million barrels per day of crude oil from the Middle East. That may not be enough, with the approach of peak summer energy demand — driven by travel, agriculture and freight needs — especially as emergency oil stockpiles run down, said Duttatreya Das of the think tank Ember. He added that short-term buys cover only a few days of supply, leaving any gap hard to fill without extra shipments from the U.S. or Canada.It has approximately 1.2 billion barrels of onshore crude inventories, Kpler estimates. That is nearly four months of its overall seaborne crude imports, which cushion short term impacts from the war. China sourced about 13% of its seaborne crude from Iran, according to Kpler, and roughly 20% from Russia, said financial data group LSEG. With ample reserves and deep pockets, analysts say some Russian shipments bound for China could be diverted to more desperate countries. “Russia emerges as a major winner from the entire conflict,” said Sam Reynolds of the U.S.-based Institute for Energy Economics and Financial Analysis. Given the energy crisis, speed of delivery and temporarily lower prices, he said Asia has “a much larger incentive to import Russian oil.” “We can argue whether there’s a moral dilemma there, but I think it’s a reflection of the fact that countries are going to do whatever they need to to protect their energy security,” he said.The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. The AP is solely responsible for all content. Find AP’sChan writes about business and economy in China for The Associated Press, reporting on key sectors of the world’s second-largest economy from trade and technology to autos. He is based in Hong Kong.Ghosal covers the intersection of business and climate change in southeast Asia for The Associated Press. He is based out of Hanoi in Vietnam.
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