Russian energy exports to Asia soar amid heat wave in the region – Kommersant
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Exports of Russian coal and natural gas to Asian countries increased sharply in 2023. Also in March and April, exports of Russian fuel oil rose to record levels. This was reported Bloomberg with reference to Kpler data. The agency notes that coal, natural gas and fuel oil are used to generate electricity.
According to Kpler, in April, the volume of Russian coal production amounted to 7.46 million tons, which is almost a third more than in April 2022. Also, deliveries of Russian liquefied natural gas (LNG) to Asia rose after prices for this energy carrier fell from record values.
According to Bloomberg analysts, problems with electricity and the purchase of energy from Russia show a decrease in the influence of the White House. “They ask themselves: would I rather risk a quarrel with the US or refuse steep energy discounts? With a good deal on the table, how can poorer countries afford to say no?” said John Driscoll, director of JTD Energy Services Pte in Singapore.
According to Bloomberg, China and India are the leaders in purchasing Russian coal, gas and fuel oil. In April, they accounted for a total of two-thirds of Russian coal shipped to Asia. A large volume was purchased by South Korea, which accounted for 15% of supplies, as well as Vietnam, Malaysia and Sri Lanka, for which the agency does not specify data. Bloomberg analysts expect growth in imports to Bangladesh, Pakistan and Sri Lanka, as well as to the Middle East.
According to Bloomberg, the incentive for Russian energy purchases will increase due to the emerging El Niño weather phenomenon. Earlier, the Vietnamese authorities warned of a possible shortage of electricity in May, Myanmar is also struggling with power outages.
Bloomberg notes that the upcoming summer in Asia could be the hottest on record. Against this background, the authorities of the countries of the region are trying to purchase the necessary amount of energy for the operation of electric generators.
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