Asian countries are increasing their imports of Russian oil due to the energy crisis
Asian countries facing energy shortages due to the conflict in the Persian Gulf have stepped up their purchases of Russian oil following a temporary exemption from U.S. sanctions.
This is reported by the FT.
Asian economies remain among the most vulnerable to the global energy crisis due to their dependence on oil and gas imports from the Middle East. India and China have traditionally been the main buyers of Russian oil, but in recent days other countries in the region have also increased their imports.
Oil from the Middle East accounts for the majority of imports for the Philippines, Vietnam, Malaysia, Thailand, and Singapore. The governments of these countries have implemented energy-saving measures and expanded fuel subsidies to compensate for supply shortages following Iran’s blockade of the Strait of Hormuz. Additionally, many countries have increased their use of coal for electricity generation.
According to Veson Nautical, China and India accounted for about 85% of Russian oil exports.
“India increased its purchases of Russian oil after the easing of U.S. sanctions,” experts note.
According to Kpler, while Indian refineries purchased 1 million barrels per day in February, this figure rose to 1.9 million barrels by the end of March. Some of the oil intended for other markets was redirected to India, as New Delhi paid an additional premium of nearly 5%.
Last week, two tankers carrying Russian oil arrived in the Philippines—the first such shipments since November 2021. Petron Corp, which operates the only oil refinery in the Philippines, purchased 2.5 million barrels of Russian crude oil.
“The purchase was made as an emergency measure in response to disruptions in supply chains and only after all commercially and operationally viable alternatives had been exhausted,” Petron stated.
As a reminder, Russian oil exports have plummeted due to drone strikes on key ports in the Baltic Sea.
As a reminder, in March 2026, the member countries of the Organization of the Petroleum Exporting Countries (OPEC) recorded a sharp reduction in crude oil supplies to global markets.
As a reminder, oil prices remain above $100 following the resumption of Iraqi supplies.
Additionally, the price of oil could rise to $200 per barrel due to the war between the U.S. and Iran.
