Russia is emerging as one of the key beneficiaries of disruptions to oil and gas supplies passing through the Strait of Hormuz.

Kpler’s senior crude oil analyst Muyu Xu said that Russia is one of the most “obvious beneficiaries” when it comes to the derailment in oil and gas shipments through the Strait of Hormuz, The Caspian Post reports via foreign media.

She said that Russia is currently seeing its oil being eagerly bought by Indian buyers, adding that over the past week or two, the country had sold more than 30 million barrels of crude oil, as the market is very receptive to timely deliveries.

The analyst added that oil producers in Brazil and Canada have also benefited from rising prices. However, Asian buyers face logistical challenges.

She said that Asian buyers were ready to take the barrels, but the problem was that even if they bought them now, the oil would only arrive in two months.

The analyst noted that the biggest impact from supply disruptions will be felt across Asian economies heavily dependent on Middle Eastern energy, especially in Southeast Asia. Countries such as Thailand and Vietnam could face significant pressure due to relatively low oil reserves.

Meanwhile, South Korea and Japan are considering releasing strategic oil reserves, but Xu warned that such measures may not be sufficient if the conflict continues for more than a month.

Xu noted that even for China, which currently has 1.3 billion barrels of onshore oil, there still needs to be something that could immediately fill the deficit, and at the moment, they have no suitable candidate.