2023-12-27 15:44:04
Russia has almost completely redirected its oil exports to China and India, earning revenues at a level comparable to that of 2021, its Deputy Prime Minister of Energy Alexandre Novak announced on Wednesday.
According to him, Russia, targeted by a multitude of Western sanctions due to its invasion of Ukraine, particularly on its hydrocarbons, today sells 45% to 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 this figure to not exceed 4-5% by the end of the year .
In an interview with the Russian television channel Rossia 24, Mr. Novak welcomed the fact that, despite the restrictions imposed by the West, who want a cap 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 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 trillion rubles (about 128 billion Canadian dollars) this year, roughly the level of 2021, before sanctions.
The hydrocarbon industry accounts for 27% of Russia’s GDP and their sale abroad accounts for around 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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The hydrocarbon industry represents 27% of Russia’s GDP. Above, the Arctic LNG 2 project.
Photo : Getty Images / Natalia Kolesnikova
As for gas, Mr. Novak affirmed that the gigantic Arctic LNG 2 project had started despite American sanctions which jeopardized its launch.
The Arctic LNG 2 plant is under construction, and the first stage has already started operating. We expect the first deliveries of this project to take place already in the first quarter of next year, the Russian Deputy Prime Minister reported.
According to media reports, Russian gas giant Novatek, which owns 60% of the megaproject, earlier in December invoked force majeure, a legal clause that allows companies to suspend deliveries due to factors beyond their control.
Russia, which currently produces 8% of the world’s liquefied natural gas (LNG), plans to reach 15-20% by 2035, or a production level of around 100 million tonnes per year, Novak said .
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