Russia supplied 86% of oil to friendly countries in 2023 – Kommersant

At the end of 2023, Russia increased the share of oil exports to friendly countries to 86%, and oil products to 84%. This is stated in the presentation of Deputy Prime Minister Alexander Novak, presented at Energy Day as part of the Russia Forum.

According to the presentation, after the introduction of anti-Russian sanctions, the volume of exports of oil and petroleum products was reoriented to new markets. Annual investments in the oil industry are estimated at about 2 trillion rubles, RIA Novosti cites data from the document.

It notes that the increase in oil production was achieved, in particular, due to the support of the shelf fields of the Okhotsk, Pechora and Baltic Seas; production on the Russian shelf in 2023 increased to 24 million tons. Production in Eastern Siberia increased from 0.5 million tons to 54 million tons per year.

According to the International Energy Agency, in January Russian exports of oil and petroleum products remained at a level comparable to December – both in terms of supply volume and the amount of export revenue. Against the backdrop of increased secondary sanctions against owners of tankers transporting Russian oil at prices above the ceiling, and problems with making payments for it, the share of deliveries without a destination port has sharply increased.

Details – in the material “Kommersant” “Oil of undetermined purpose”.

Laura Keffer