Asian nations facing severe energy shortages are increasingly buying Russian oil after the US relaxed sanctions. India doubled its Russian crude purchases to 1.9mn barrels daily by March, while Petron Corp in the Philippines secured 2.5mn barrels of Russian crude. These purchases reflect desperation, as countries like Vietnam and Sri Lanka negotiate deals. 1.9mn b/d now represents nearly 85% of Russian exports to Asia. The moves come after Iran closed the Strait of Hormuz, spiking Brent crude 63% to $118/barrel.

Governments have implemented energy-saving measures, including four-day workweeks and expanded fuel subsidies, to cope with disrupted supplies. Thailand and Indonesia have also signaled openness to Russian oil purchases.