Russia has redirected almost all of its oil exports to China and India, generating revenues at levels comparable to 2021 levels, Deputy Prime Minister in charge of energy Alexander Novak said on Wednesday.
According to an official quoted by Agence France-Presse, Russia today sold between 45% and 50% of its oil to China and 40% to India.
Moscow is the target of a number of Western sanctions, which particularly affect hydrocarbon exchanges due to the war in Ukraine.
“If previously we supplied to Europe from 40% to 45% of the total volume of oil and petroleum products exports, we hope that by the end of the year this figure will not exceed 4-5%,” Novak explained in an interview with the Interfax newspaper. TV channel “Russia 24”.
The Russian Deputy Prime Minister welcomed the fact that, despite the restrictions imposed by the West, which, in particular, wants a maximum limit on the selling price of Russian oil, “the Russian energy and oil complex has developed successfully in 2023.”
“Many people want to buy Russian oil and petroleum products, for example, in Latin American countries, African countries and other countries in the Asia-Pacific region,” Novak said.
According to the official, Russia’s oil and gas revenues this year will amount to almost 9 billion rubles (about 88 billion euros), or “roughly at the level of 2021” before sanctions.
The hydrocarbon industry accounts for 27% of Russia’s gross domestic product (GDP), and its sales abroad account for about 57% of the country’s total exports, according to government data.
At the end of November, Russia, together with other countries of the Organization of the Petroleum Exporting Countries and its allies (OPEC+), including Saudi Arabia, decided to emphasize oil production cuts to stimulate prices, which will allow Moscow to increase revenues from the sale of hydrocarbons.
On Tuesday, Russian Industry and Trade Minister Denis Manturov said trade relations between Russia and India exceed 45.3 billion euros ($50 billion), despite the international situation.
“There is no doubt that Russian-Indian trade turnover will exceed $50 billion by the end of the year and set a new historical high,” Manturov said after a meeting with Indian Foreign Minister Subrahmanyam Jaishankar, as quoted by EFE.
Author: Lusa
Source: CM Jornal
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