Amid tensions in the Strait of Hormuz, Russia’s oil supply is of great significance to the global market

(1) Kyle Shostak, Managing Director of US investment firm Navigator Principal Investors, stated that under the current situation in the Strait of Hormuz, Russian oil supplies hold tremendous significance for the global market, and their importance cannot be overstated. (2) He pointed out that these supply volumes are substantial, especially for Asia, which faces severe shortages due to disruptions from Middle Eastern suppliers. Even before the previous round of permits expired, major Indian importers had already expressed intentions to continue purchasing Russian oil, despite uncertainty at the time regarding new exemptions. (3) Shostak explained that this is because Indian refineries have been processing Russian oil for many years.