Energy Minister Shulginov: Russia was able to redirect oil supplies after the EU embargo

Russia has redirected the volume of supplies of oil and oil products that fell due to the embargo of the European Union and the G7 countries, said the head of the Ministry of Energy Nikolai Shulginov. According to him, work is underway to reorient supplies to the countries of Asia, Africa, Latin America and the Middle East.

“Already today I can state that we managed to completely redirect the entire volume of exports that fell due to the embargo, there was no decrease in sales,” Mr. Shulginov said at the final meeting of the board of the ministry (quoted by TASS).

At the same time, the Ministry of Energy expects a decrease in oil and gas production in Russia in 2023, including due to Europe’s refusal of Russian gas. “For 2023, we expect that for oil the level will be slightly lower in terms of production due to a voluntary reduction in production aimed at stabilization,” the minister added.

Deputy Prime Minister Alexander Novak at a meeting declaredthat the supply of Russian oil to India in 2022 increased by 22 times, the supply to China also increased. From December 5, 2022, there is a price ceiling for oil at $60 per barrel, from February 5 – for oil products from Russia at $100 and $45 per barrel.

About the situation on the market – in the publication “Kommersant” “Russian oil is asked to bend down”.

Laura Keffer