Asia imports of Russian oil hit record
Asia imports of Russian oil volumes exceed 3m tons as Middle East supply disruptions tighten markets
Asian imports of Russian fuel oil are set to reach a record high in March, exceeding 3 million tons or about 614,500 barrels per day, as regional buyers replace disrupted Middle Eastern supplies, according to shipping data from Kpler and LSEG reported by Reuters.
The surge follows escalating conflict involving the United States, Israel, and Iran, which has disrupted fuel oil exports from the Middle East. The Strait of Hormuz, a critical transit route for global energy flows, remains effectively blocked, constraining crude and refined product shipments.
Read More: Oil Rises as Hormuz Disruption Tightens Supply
More than half of the Russian fuel oil volumes are being directed to Southeast Asia, with shipments estimated between 1.7 million and 1.9 million tons. China is expected to import between 1.2 million and 1.5 million tons, reflecting strong regional demand amid tightening supply conditions.
Market analysts said disruptions have had a disproportionate impact on high-sulphur fuel oil availability. Vortexa senior analyst Xavier Tang noted that the blockade has also curtailed medium- and heavy-sour crude flows, tightening the broader crude supply complex and amplifying pressure on fuel markets.
In response to the supply crunch, the United States has issued sanction waivers for Russian crude and petroleum products held in floating storage. The move aims to ease global prices and stabilize supply, prompting Asian importers to increase purchases from Russia.
However, analysts warn that Russian supply may not be sufficient if Middle Eastern disruptions persist. An LSEG analyst indicated that prolonged export paralysis could lead to broader fuel shortages across Asia, as refinery operations in the Middle East face constraints.
Refinery run rates in the region have been reduced due to storage limitations, as producers struggle to manage output without export routes. With the Strait of Hormuz closed, even processed fuels face logistical challenges, forcing operators to cut throughput.
Energy Aspects analyst Royston Huan said crude availability remains a concern, adding that market conditions are likely to stay bullish in the coming weeks and months. The ongoing geopolitical tensions continue to reshape global fuel trade flows, with Asia increasingly turning to Russian supplies to meet its energy needs.