Southeast Asian countries are changing where they buy crude oil, moving away from Gulf suppliers and turning to places like the US, Brunei and Libya, Nikkei Asian Review reported Monday, citing trade data and Kpler shipping figures.
The shift comes as disruptions in Middle Eastern supply routes have hit flows through the Strait of Hormuz, pushing import-reliant economies such as Thailand and Vietnam to look for new sources. Thailand's imports from the UAE fell sharply in April, while shipments from Brunei and Libya increased, according to the report.
Vietnam has also reworked its supply mix, with lower volumes from traditional suppliers offset by arrivals from countries including Angola, Argentina and the United States. Singapore has similarly cut reliance on Gulf crude, with most of its imports now sourced from the US, the news outlet said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)