According to Deputy Prime Minister Alexander Novak, China received half of all the oil exported by Russia this year, with India a close second. Said on national television today.
According to Novak, China currently accounts for 45-50% of Russia’s oil and fuel exports, while India receives about 40%. This increase was particularly pronounced in India, where Russia exported almost no oil until 2022. Currently, India is the major supplier to the subcontinent.
“Even if we previously exported around 40-45% of our total crude oil and refined products to Europe, we expect this share to drop to 4-5% by the end of this year,” Novak said.
This figure suggests that China has effectively replaced Europe as the destination for Russian crude oil and petroleum products.
Last week, another deputy prime minister Said Russia’s oil exports are expected to increase by 7% this year from 2021 levels.
“Last year’s most pressing issues have largely been resolved, first of all regarding payments and cargo insurance. [and] Secondly, it concerns ensuring the sea transport of hydrocarbons by tanker fleets,” said Alexander Belosov.
Also last week, Transneft’s head, Nikolai Tokarev, reported that crude oil shipments from Russia to China this year had surged to about 100 million tons (equivalent to about 2 million barrels per day).
Tokarev said: “The volume of exports to China and India has increased significantly, increasing many times. This year, about 70 million tons of oil will be supplied to India, and about 100 million tons of oil will be supplied to India. We can say it was sent to China.”
Meanwhile, India’s imports of Russian crude oil reached 1.6 million barrels per day in November, the highest level in four months, data showed. Reuters They reported that they obtained it from a trade source. November’s imports were 3.1% higher than India’s October imports of Russian crude oil, and accounted for more than a third of India’s total crude oil imports last month.
Written by Irina Slav for Oilprice.com
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