Asia Diversifies Its Oil Supply as More Iran and Russia Sanctions Loom

The top buyers of Russian and Iranian crude in Asia, China, and India, have been buying more crude from the Middle East and Africa, expecting fresh sanctions on Iran and Russia to cripple supply from these two exporters, traders have told Bloomberg. In the past few weeks, supply of Russian and Iranian crude has declined amid tighter Western sanctions, which have also driven up the prices of the oil from Iran and Russia. Now China and India, the world’s largest and third-largest crude importer, respectively, anticipate further tightening of…