{"id":292799,"date":"2023-12-27T19:10:06","date_gmt":"2023-12-27T18:10:06","guid":{"rendered":"https:\/\/climatescience.press\/?p=292799"},"modified":"2023-12-27T19:10:08","modified_gmt":"2023-12-27T18:10:08","slug":"china-and-india-account-for-more-than-90-of-russian-oil-and-fuel-exports","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=292799","title":{"rendered":"China and India Account for More Than 90% of Russian Oil and Fuel Exports"},"content":{"rendered":"\n
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From Oilprice.com<\/a><\/p>\n\n\n\n

By\u00a0Irina Slav<\/a>\u00a0<\/p>\n\n\n\n

China took in half of all the crude oil that Russia exported this year, with India a close second, Deputy Prime Minister Alexander Novak said<\/a> today on state TV.<\/p>\n\n\n\n

China now accounts for 45% to 50% of Russian oil and fuel exports, while India is taking in some 40%, Novak said. The increase is particularly remarkable for India, where Russia exported almost no oil whatsoever until 2022. Now, it is the subcontinent\u2019s leading supplier.<\/p>\n\n\n\n

\u201cIf earlier we exported around 40-45% of our total crude oil and refined products to Europe, by the end of this year we expect this share to have fallen to 4-5%,\u201d Novak said.<\/p>\n\n\n\n

The figures suggest that China has essentially replaced Europe as destination for Russian crude and oil products.<\/p>\n\n\n\n

Last week, another Deputy PM said<\/a> that Russia\u2019s oil exports are seen rising 7% this year from 2021 levels.<\/p>\n\n\n\n

\u201cThe most pressing problems last year have generally been resolved. This firstly concerns payments and cargo insurance, [and] secondly concerns ensuring seaborne shipping of hydrocarbons by tanker fleet,\u201d Alexander Belousov said.<\/p>\n\n\n\n

Also last week, Transneft\u2019s head, Nikolay Tokarev, reported that the volume of Russian oil shipments to China this year had surged to some 100 million tons, equal to about 2 million barrels daily.<\/p>\n\n\n\n

\u201cExport volumes to China and India have increased significantly; many times over. I can say that about 70 million tonnes of oil were supplied to India this year, while about 100 million tonnes of oil went to China,\u201d Tokarev said.<\/p>\n\n\n\n

Indian imports of Russian crude, meanwhile, hit a four-month high in November, at 1.6 million bpd, according to data\u00a0Reuters<\/a>\u00a0reported it had obtained from trade sources. The November imports were 3.1% higher than India\u2019s intake of Russian crude in October and accounted for more than a third of all Indian crude oil imports last month.\u00a0<\/p>\n\n\n\n

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