Asia's Rush for Russian Oil Amid Energy Crisis

0:00Asian countries are in a fierce race for Russian crude oil right now, thanks to the energy crunch from the U.S. and Israel war against Iran. That conflict has shut down about one-fifth of the world's oil supply through the strait of Hormuz, and most of that was bound for Asia anyway. To help out, the U.S. temporarily lifted sanctions on Russian oil already at sea, first for India, and then everyone else. Russia is caching in big time with billions flowing in, but it can't ramp up much more since it's already near its export peak, slowed by its ongoing. War in Ukraine and drone hits on its facilities. Southeast Asia jumped in quick. Philippines grabbed its first Russian crude in five years after declaring an energy emergency and places like Indonesia, Thailand, and Vietnam are eyeing deals too. Folks in the Philippines are feeling the squeeze hardest, with gas station lines stretching blocks, airlines talking fuel rationing, and cash handouts. Feeling to drivers and workers.

1:00Before this, they got nearly all their oil from the Middle East, and now poverty is at risk for millions in this nation of 117 million. China and India had the edge, snapping up most of the roughly 126 million barrels still floating out there before others could. They've gotten massive stockpiles. China alone has enough for four months, and even with that, summer demand could still bite as reserves dwindle. Let's say, Russia's the real winner here, with Asia ditching moral debates to lock in supplies fast, no matter the source. The waiver might end by April, so these nations are scrambling while options like U.S. or African oil take too long to ship across the ocean. Minute and news today, powered by AI, bringing you what matters.