Russian oil sales to India more than doubled last year. Meanwhile European buyers sought alternative markets following the war in Ukraine. Russia’s deputy prime minister said on Tuesday. Last year, Russia shifted its oil exports to India and China. While European Union nations sought to reduce their dependence on Russian energy supplies following Moscow’s incursion into neighbouring Ukraine.
In December, the EU placed an embargo on seaborne Russian oil. Along with a price limit on Russian crude agreed upon with the Group of Seven industrialised powers.
The change has resulted in lower Russia energy purchases for China and India.
“Most of our energy resources were redirected to other markets, to friendly countries’ markets.” Deputy Prime Minister Alexander Novak said, according to Russian news agencies.
“Take oil supplies to India, which increased 22 times last year,” Novak said.
Novak, Russia’s energy minister, also stated that supplies to China were growing . Which is as a “result of the tremendous work that has been done in the industry.”
In reaction to the Western sanctions, Russia, a major producer and important ally of the OPEC oil cartel, reduced crude production by 500,000 barrels per day this month.
Novak announced last week that the output cut, which equates to 5% of daily production, would be maintained through June.
He stated that the decision was made in response to Western sanctions aimed at limiting Moscow’s ability to fund its military.
According to the International Energy Agency, Russia’s oil export income fell by nearly half in February compared to the previous year.
