China and India have replaced Europe in the purchase of Russian oil
China bought half of all crude oil exported by Russia this year, while India came in second place, Deputy Prime Minister Alexander Novak said on state TV on Monday.
China now accounts for 45-50% of Russian oil and fuel exports, while India absorbs about 40%, Novak said . The increase is especially significant for India, where Russia exported virtually no oil until 2022. It is now the subcontinent's main supplier.
“If we used to export around 40-45% of our crude oil and refined products to Europe, by the end of this year we expect this share to drop to 4-5%,” Novak said.
The data suggests that China has essentially replaced Europe as the destination for Russian crude and petroleum products.
Last week, another deputy prime minister said Russia's oil exports were expected to rise 7% this year compared to 2021 levels.
“Last year's most pressing problems have generally been resolved. Firstly regarding payments and cargo insurance, [and] secondly regarding ensuring sea transportation of hydrocarbons by the tanker fleet,” Alexander Belousov said.
Also last week, Transneft chief Nikolay Tokarev reported that the volume of Russian oil shipments to China this year has risen to about 100 million tons, or about 2 million barrels a day.
“Export volumes to China and India have increased significantly, many times over. I can say that this year about 70 million tons of oil were supplied to India, while about 100 million tons of oil went to China,” Tokarev said.
India's imports of Russian crude, meanwhile, hit a four-month high in November at 1.6 million bpd, according to data Reuters said it obtained from trade sources. November's imports were 3.1% higher than India's purchase of Russian crude in October and accounted for more than a third of all India's crude imports last month.
Thanks to our Telegram channel you can stay updated on the publication of new Economic Scenarios articles.
The article China and India have replaced Europe in the purchase of Russian oil comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/cina-e-india-hanno-sostituito-leuropa-nellacquisto-del-petrolio-russo/ on Wed, 27 Dec 2023 17:34:23 +0000.