'Desperate’ Asia turns to Russian oil amid Iran energy shock

Asian nations are scrambling for Russian crude oil as the Iran war disrupts supplies, with countries like the Philippines, Indonesia, Thailand, and Vietnam seeking alternative sources. The Philippines, a long-time US ally, imported Russian crude for the first time in five years after declaring an energy emergency. This move is driven by the energy crisis, speed of delivery, and temporarily lower prices, making Russia an attractive option 

China and India, already major Russian oil customers, are likely to continue dominating the market, with India needing 5.5-6 million barrels of oil per day. However, Russia's export capabilities are limited, and its oil shipments are already near peak levels.

The situation is dire for some countries, with fuel prices soaring and industries struggling. The Philippines is considering fuel rationing, while Thailand is watching the situation closely. The energy crisis is expected to worsen with peak summer demand approaching