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 crude oil supplies, the US 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. 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.
In addition, Russia’s 4-year-old full-scale invasion of Ukraine and recent drone attacks on its energy .​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 crude oil supplies, the US 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. 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.
In addition, Russia’s 4-year-old full-scale invasion of Ukraine and recent drone attacks on its energy . ​Latest News [ SOBAN NEWS: International and National ]
