Changing direction! ASEAN is urgently seeking new oil sources after disruptions in the Middle East, severely impacting Thailand and Vietnam. Many countries are forced to rely on the United States, Africa, and other ASEAN nations.
On May 4, 2569 at 09.57:XNUMX a.m., Nikkei Asia reported that Southeast Asian countries are rapidly shifting their oil import sources away from the Middle East, turning to alternative suppliers. Countries like Brunei, Libya, and the United States are seeking ways to stabilize their economies after shipping routes through the Strait of Hormuz remained disrupted.
This situation arose after the US-Iran conflict erupted in late February, forcing countries heavily reliant on Middle Eastern oil, such as Thailand and Vietnam, to urgently diversify their energy sources.
Thailand is reducing its reliance on the UAE and increasing imports from Brunei and Libya.
Data from Kpler specify that Thailand's imports of crude oil and condensate from the United Arab Emirates decreased by more than 50% in April compared to February, falling to just 160,000 barrels per day.
Meanwhile, Thailand increased its imports from Brunei to 71,000 barrels per day, up from almost none in February, marking the highest level since 2018. Imports from Libya also increased by 28% to an average of 113,000 barrels per day.
Information from the Ministry of Commerce is still pending.pointed out Thailand reduced its oil imports from Saudi Arabia by 43%, while imports from Libya increased by 54%. The country has also begun importing from new sources such as Argentina and Guyana.
Vietnam's imports have plummeted due to its high dependence on Kuwait.
Vietnam is considered the hardest hit country, as over 80% of its oil imports last year came from Kuwait, whose exports have virtually come to a standstill. Vietnam's import volume fell to 159,000 barrels per day in April from 375,000 barrels per day two months prior, as it turned to imports from countries such as Angola, Argentina, Ivory Coast, and the United States.
The oil refinery in Daeng Hoa Province is operated by... Nghi Son Refinery specify that There is enough oil to operate until the end of May, supported by Japanese oil company Idemitsu Kosan, which is sourcing approximately 4 million barrels from new sources.
Singapore reduces imports by 61%, turning to the US and Brunei as new hubs.
Singapore, a major global hub for ship refueling and petrochemical industries, reduced its oil imports by 61% in April compared to February, to approximately 388,000 barrels per day.
Currently, more than 60% of Singapore's oil imports come from the United States, while Brunei has become the region's oil export hub, exporting up to 105,000 barrels per day in April, the highest in five years.
Analysts from Kpler. specify that Russia is becoming another important oil reserve for Asia, but the amount available on the market is limited and unlikely to be enough to completely solve the shortage.
Despite facing energy risks, ASEAN economies continued to experience strong export growth. Thailand's exports reached a record high of US$3.51 billion in March, up 18.7%. Vietnam's exports increased by 20% driven by manufacturing, while Malaysia's rose by 8.3%. Singapore's exports (excluding oil) increased by 15.3%.
Economists from HSBC. specify that The growing demand for technology and AI has significantly boosted the economies of electronics-dependent countries like Singapore, Malaysia, and Vietnam, although the benefits are not evenly distributed across the region.
refer : asia.nikkei.com
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