Asian refiners fear crude feedstock delays from Middle East turmoil: sources

East Asian refiners expect some Middle Eastern sour crude cargoes loaded in February and scheduled for March loading to face arrival delays of 2–5 days amid escalating geopolitical tensions in the Persian Gulf.

Japanese refiners, which buy over 90% of their crude requirements from the Middle East, are especially on high alert after the disruption in the Strait of Hormuz in response to US and Israeli missile strikes, refinery feedstock managers at three major Japanese refiners, including Taiyo Oil and ENEOS, told Platts, part of S&P Global Energy, over Feb. 28-March 2.

Japanese refinery feedstock managers said they expect some light sour and heavy sour crude cargoes loaded in the second half of February and some tankers loading in March, such as Oman Blend grade, to face delivery delays of at least five days.

In China, feedstock management sources at state-run refiners, including PetroChina and Sinopec, indicated that they estimate the Strait of Hormuz to be shut for 10 days.

China imported about 6.4 million b/d of crude from Persian Gulf suppliers in 2025, accounting for 55.3% of total imports last year, according to data from Platts and Chinese customs.

For South Korea, Asia's third-largest crude importer, arrivals to the Persian Gulf could be delayed by as few as 2-5 days and as much as 1–2 weeks, depending on the severity of maritime security risks and geopolitical conflicts, a senior research analyst at Korea International Trade Association, and refinery feedstock and logistics managers at three major refiners based in Seoul and Ulsan said over Feb. 28-March 2.

Not all, but some cargoes of Murban, Das Blend, Basrah Medium and Arab Medium crude cargoes due for March delivery may arrive later than schedule by at least 2-5 days as of latest shipping update, feedstock managers at two South Korean refiners based in Ulsan and a sour crude trader at another South Korean refiner's trading officed based in Singapore said over March 1-2.

Feedstock managers at South Korean and Japanese refiners spoke to Platts on condition of anonymity due to the sensitive nature of spot and term crude trades.

Elsewhere, Thailand's PTT could see some Murban, Arab Light and Arab Medium crude cargoes for March deliveries to arrive late by 5-10 days, if not longer, a feedstock strategist at the state-run refinery based in Bangkok said on March 1.

Platts assessed Iran's South Pars condensate at an average discount of $5.2/b to Qatar's Deodorized Field Condensate in 2025, compared to the 2024 average discount of $5.1/b.