The Globe and Mail reports in its Friday edition that Asian countries such as Vietnam, Thailand, the Philippines, Indonesia and Sri Lanka are lining up to buy Russian oil as the Iran war blocks supplies, raising the possibility that demand may exceed supply. A Reuters dispatch to The Globe reports that since the war in Ukraine prompted European customers to shun Moscow, India and China have accounted for around 80 per cent of Russian oil exports. Turkey has also been a significant buyer. However, in recent weeks, a host of Asian countries have been lining up. Kremlin spokesman Dmitry Peskov said: "Demand is high, particularly for alternative destinations. As a result, a point may come when it becomes difficult to meet additional demand." The Iran war has effectively blocked a fifth of global oil production from reaching the market, as traffic through the Strait of Hormuz has been halted. Russia has benefited from high oil prices and a 30-day sanctions waiver from the United States for purchases of Russian oil at sea. Oil revenues and natural gas sales generate about a quarter of the country's state funds. Russia's oil export capacity is hindered, with Ukrainian drone attacks shutting down about 40 per cent of it.