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      Asian nations are in competition for Russian crude after the Iran war has choked off one fifth of the world’s oil supply.

      Russian oil exports have nearly doubled to 1.9 million barrels a day in March, from about 1 million barrels before the Iran war. Russia is now raking in billions of dollars from a temporary U.S. waver on oil sanctions against Moscow.

      Competition is with the large players China and India for the roughly 126 million barrels still at sea.

      The Philippines relied on the Middle East for nearly 97% of it’s total seaborne oil imports.

      China and India were major importers of Russian crude before the attack on Iran by the U.S. and Israel choked the global supply — India also had a week head start compared to other nations on the U.S. sanctions removal.

      Duttatreya Das of the think tank Ember says “I don’t know how the shortfall will be met,”.

      China holds 1.2 billion barrels, or nearly four months of seaborne crude imports, in reserve.

      “Russia emerges as a major winner from the entire conflict,” said Sam Reynolds of the U.S.-based Institute for Energy Economics and Financial Analysis.

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