The Iran war is squeezing Asia’s oil refiners.
While Tehran has let some Indian-flagged ships carrying LNG through the Strait of Hormuz, many are still stranded, forcing Indian refiners to compete with other nations for Russian crude — at higher prices, The Economist wrote.
China told its private refiners, which have long benefited from cheap sanctioned oil, to keep production at 2025 levels, at any cost, Bloomberg reported.
And two of Singapore’s refineries, heavily reliant on Middle Eastern crude reserves, have cut output.
The region’s challenges will reverberate elsewhere: Singapore supplies 20% of Australia’s refined oil, and Canberra is reportedly considering lowering fuel-quality standards to offset the shortages.
