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A sharp pivot in energy policy is underway as Russian crude exports from western ports prepare to plummet from 2.5 million barrels per day in May to roughly 1.7 million this month, a decline driven by the urgent need to stabilize domestic fuel supplies under the pressure of persistent Ukrainian drone strikes.
Former IEA chief Nobuo Tanaka warns that the unfolding Middle East conflict has triggered a third oil shock, placing Asia at its epicenter. With the Strait of Hormuz effectively paralyzed, the region faces a daily shortfall of 15 million barrels, threatening an economy heavily reliant on Middle Eastern crude imports.
Five Qatari-loaded LNG carriers have successfully transited the Strait of Hormuz since the onset of regional conflict, according to Kpler and LSEG data. Despite heightened tensions and the imposition of illicit tolls by Tehran, these vessels are joined by a growing number of commercial tankers braving the critical chokepoint.