Novak reported a decrease in oil supplies to Europe to 4-5% – Kommersant
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By the end of 2023, supplies of oil and petroleum products from Russia to Europe are expected to amount to no more than 4-5% of the total volume. Deputy Prime Minister Alexander Novak said this in an interview with Rossiya 24.
“If previously we supplied Europe with a total of about 40-45% of oil and petroleum products from the total volume of exports, then by the end of this year we expect that this will be no more than 4-5%,” he said (quoted from “RIA News“).
This year, according to him, the main importers of Russian oil and petroleum products were China with a share of 45-50% and India. Alexander Novak noted that previously there were almost no supplies to India, but in two years they grew to about 40%.
Reuters reports that in 2024, according to analysts’ forecasts, Russia will increase oil production and exports, however, they note, this may be hampered by the OPEC+ deal on restrictions and logistics becoming more expensive due to sanctions.
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