Russia's oil exports almost entirely diverted to China and India, according to Moscow
While "we previously supplied 40 to 45 percent of the export volume of crude oil and petroleum products to Europe, we expect this figure to be no more than four of five percent by the end of the year," he continued.
According to Nowak,Russia will generate revenues of the equivalent of around 88 billion euros with its exports in 2023. This would put revenues at a comparable level to 2021, the politician said.
According to Novak, the oil and gas industry accounts for 27 percent of Russia's gross domestic product and 57 percent of the country's export revenue. Russia had to find new markets for its natural gas exports in the face of Western sanctions. For their part, Western countries have been forced to sign up new suppliers.
"Many people want to buy Russian oil or oil products," Nowak continued. "These are countries from Latin America, African countries and other countries in the Asia-Pacific region."
India, for example, had previously received almost no supplies from Russia. According to media reports, the country was able to purchase discounted crude oil from Russia, refine it and sell it to European customers. Although these purchases are legal, critics believe that they circumvent Western sanctions.
At the end of November, Russia decided in agreement with other countries in the Opec+ oil cartel to further reduce its oil production volumes in order to boost prices. Opec+ consists of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and its ten partner countries, including Russia.
Nowak also commented on the Russian liquefied natural gas project Arctic LNG 2, saying that the project had been launched despite US sanctions threatening its start. "The Arctic LNG 2 plant is currently under construction and the first stage has already started operations. We expect the first deliveries from this project to take place in the first quarter of next year," Nowak said.
Russia currently produces eight percent of the world's liquefied natural gas. Moscow intends to reach 15 to 20 percent of global production by 2035, Nowak added. That would be around 100 million tons per year.
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- Due to sanctions, Russia had to find new markets for its natural gas exports, leading to a significant increase in exports to China and India.
- Alexander Nowak stated that Russia's oil exports to Europe were expected to decrease significantly by the end of the year, as they had almost entirely diverted to China and India.
- According to Nowak, India previously received almost no supplies from Russia but was able to purchase discounted crude oil, refine it, and sell it to European customers, circumventing Western sanctions.
- In agreement with other members of OPEC+, Russia decided to further reduce its oil production volumes to boost prices, with the cartel consisting of countries like Saudi Arabia and Russia.
- Despite US sanctions, Russia's Arctic LNG 2 project, which accounts for eight percent of the world's liquefied natural gas, has launched its first stage and is expected to reach full production by 2023.
- Russia's oil and gas industry is a significant contributor to its economy, accounting for 27 percent of its GDP and 57 percent of export revenue.
- Moscow aims to increase its share of the global liquefied natural gas market from eight percent to 15 to 20 percent by 2035, which corresponds to about 100 million tons per year.
- According to Nowak, Russia will generate revenues of around 88 billion euros from its exports in 2023, which would put revenues at a comparable level to 2021.
- The sanctions imposed on Russia have forced Western countries to sign up new suppliers, leading to a shift in the global oil export market and creating opportunities for countries such as India and China.
Source: www.stern.de
