Asian countries accelerate purchases of Russian oil amid price surge and supply disruptions
Due to rising oil prices and supply disruptions caused by conflict in the Middle East, most Asian countries have begun actively acquiring Russian oil to secure their energy needs.
In March, Indonesia reduced its imports of Saudi oil from 104,000 barrels per day in February to 23,000 barrels. Energy Minister Bahlil Lahadalia stated that the country is considering Russia as a potential supplier to meet domestic demand.
Thailand also plans to purchase Russian oil. Deputy Prime Minister Phiphat Ratchakitprakarn confirmed ongoing negotiations with the Russian side. The government intends to set a domestic diesel price cap at 33 baht per litre following the expiration of the existing price ceiling. Thailand currently holds oil reserves sufficient for at least 101 days.
Chinese state oil companies Sinopec and PetroChina resumed purchases of Russian oil after a four-month hiatus, with supplies transported via Kazakhstan and Laos. Previously, Chinese refineries had adhered to US sanctions but are now adjusting their procurement strategies.
Russian oil is becoming an increasingly vital resource for Asian markets monitoring global oil supply instability.
Going forward, closer cooperation between Russia and Asian countries in the energy sector is expected, potentially reshaping traditional trade routes and the power balance in the global oil market.
