2023-12-27 09:18:54
Russia has almost completely redirected its oil exports to China and India, generating revenues at a level comparable to that of 2021, its Deputy Prime Minister responsible for Energy Alexandre Novak announced on Wednesday.
According to him, Russia, targeted by a multitude of Western sanctions for its offensive in Ukraine, and in particular on its hydrocarbons, today sells 45-50% of its oil to China and 40% to India.
“If previously we supplied Europe with 40-45% of the total volume of exports of oil and oil products, we expect that this figure will not exceed 4-5% by the end of the year,” Novak explained in an interview with the Russian television channel Rossia 24.
He welcomed the fact that, despite the restrictions imposed by the West, who notably want a cap on the sale price of Russian oil, “the Russian energy and oil complex has developed successfully in 2023”.
“Many people want to buy Russian oil and oil products. These are Latin American countries, African countries and other countries in the Asia-Pacific region,” Novak said.
According to him, Russia’s oil and gas revenues will amount to almost 9,000 billion rubles (around 88 billion euros) this year, or “roughly the level of 2021”, before sanctions.
The hydrocarbon industry represents 27% of Russia’s GDP (Gross Domestic Product) and their sale abroad accounts for about 57% of the country’s total exports, he added.
Russia decided at the end of November, in concert with the other OPEC+ countries (the Organization of the Petroleum Exporting Countries and its allies), including Saudi Arabia, to accentuate its reduction in oil production in order to stimulate price. A way for Moscow to increase its revenues from the sale of hydrocarbons.
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