Singapore is increasing imports of Russian fuel oil as the ongoing Iran conflict disrupts global energy markets and constrains Middle Eastern supply routes.
As the world’s largest ship refuelling hub, the city-state has seen a sharp rise in Russian cargoes following the blockade of the Strait of Hormuz, according to Vortexa. The shift reflects tightening supply conditions and elevated bunker fuel demand across Asia.
- Russian fuel oil imports in April more than doubled the 2025 monthly average
- Gulf shipments fell to 336,000 barrels per day in March–April, from 522,000 earlier in the year
- Russian volumes rose to 585,000 barrels per day over the same period
- Singapore fuel inventories declined by around 11% in recent weeks
Despite G7 and EU sanctions, Russian oil continues to trade under a price cap framework, with a temporary US waiver allowing seaborne shipments.
Analysts at Rystad Energy and Argus note that higher prices in Singapore are attracting global cargo flows, though supply constraints and low inventories may impact availability in the coming weeks.
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