Russia Expands Oil Supplies as Global Fuel Crisis Intensifies

(MENAFN) Russia is set to supply crude oil to Indonesia and Japan as both countries seek to secure energy supplies amid a worsening global fuel crisis linked to tensions involving Iran, according to reports.

EU foreign policy chief Kaja Kallas said the global economy is “reeling” from the situation and warned there is “no swift exit” in sight from the standoff affecting the Strait of Hormuz.

Market volatility has increased following disruptions to the key shipping route, with Brent crude briefly reaching a four-year high after reports of potential extended restrictions in the region.

The Strait of Hormuz is a major transit point for global energy shipments, handling a significant share of seaborne oil, liquefied natural gas, and jet fuel. European countries, which rely heavily on imports from the Middle East, have been particularly affected, with earlier warnings suggesting limited reserve capacity.

At the same time, reports indicate that the European Union has increased imports of liquefied natural gas from Russia despite previous commitments to reduce reliance on Russian energy sources in the coming years.

Russia has also reportedly expanded energy exports to existing and new partners, including India, as it seeks to diversify its customer base amid shifting global energy demand.

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