Russia: Our oil shipments to Asia exceed those of Europe

Russian Deputy Prime Minister Aleksandr Novak stated that his country diverted approximately 40 million tons of oil and oil products from Western markets to Eastern markets last year, adding: “As of May 2022, shipments of Oil from Russia to Asia exceeded the volumes shipped to Europe for the first time.”

In the article he wrote for the “Energy Policy” magazine published with the support of the Russian Ministry of Energy, Novak made assessments of developments in the world energy sector.

Explaining that world demand for oil was at the level of 99.6 million barrels per day last year, Novak said: “Demand is expected to increase to 101.9 million barrels per day this year. Asia-Pacific countries will play an important role in increasing demand. According to all forecasts, the demand for oil is expected to increase until 2030.

‘TO CONTINUE THIS YEAR’

Emphasizing that Russia significantly increased its oil shipments to Asian markets due to Western countries’ sanctions, Novak said: “As of May 2022, Russia’s oil shipments to Asia exceeded the volumes shipped to Europe for the first time. time. Our oil shipments to friendly countries increased 76 percent in 2022, and our exports of petroleum products increased 20 percent,” he said.

Pointing out that Russia diverted approximately 40 million tons of oil and petroleum products from Western markets to Eastern markets last year, Novak said: “This trend will continue this year as well. “Of the 223 million tons of oil and derivatives exported to the West, only 87 million tons will remain, that is, only 40 percent,” he said.

SHIPMENTS TO CHINA AND INDIA INCREASE

Drawing attention to Russia’s growing oil shipments to India, Novak said: “Russia’s oil shipments to India increased 19 times last year, reaching 41 million tons. Shipments of petroleum products also doubled to 6.2 million tons. saying.

Noting that oil shipments to China increased by 28 percent to 89 million tons in 2022, Novak said: “Our liquefied natural gas (LNG) shipments increased by 35.2 percent to 6 million tons, our pipeline shipments increased by 1.5 times to 15. increased to 4 billion cubic meters.” he performed the assessment of it.

Noting that they are working on a joint insurance system with friendly countries so that Russia can seamlessly deliver crude oil to global markets, Novak said such a system will be independent of enemy countries’ banking and insurance systems. (AA)