Russia admitted, this Wednesday, 4, to increase oil supplies to China and India, which could be affected by the rise in crude oil prices due to the war in Iran and the blockade of the Strait of Hormuz.
“We are always ready, our oil is in demand. If you buy, we will sell”, said Russian Deputy Prime Minister Alexandr Novak, quoted by the Russian state agency TASS, when asked about Moscow’s availability to increase crude shipments to these countries.
The day before, the Indian government expressed concern about the economic impact that the escalation of the conflict in the Middle East could have on the country’s commercial and energy supply chains, which could lead New Delhi to seek new sources of supply.
China also warned that it “will adopt the necessary measures to protect its own energy security”.
Beijing, which obtains a significant part of its oil from the Middle East, has diversified its supply sources in recent years and increased domestic production, although transit through the Strait of Hormuz continues to be an important factor in the stability of its supplies.
The Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman and the Indian Ocean, is one of the main strategic points for global energy transport.
On Tuesday, Iranian Revolutionary Guard General Ebrahim Yabari stated that Tehran will not allow “not a drop of oil” to pass through the strait and threatened that “any ship that tries to cross the Strait of Hormuz will be set on fire.”
Meanwhile, the President of the United States, Donald Trump, announced that, “if necessary”, the US Navy will begin escorting oil tankers in the region.
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