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Russia's Oil Exports Rising - More Heading East

OIL

Russian oil exports grew by 12% in the first five months of 2022 according to Deputy Prime Minister Alexander Novak.

  • "At the beginning of the year, basically, three-quarters of our oil went to Europe, now more than 50% is supplied to the Asian market," he said at the St Petersburg International Economic Forum.
  • Novak added that the increase is in oil exports linked to lower refining volumes domestically and the reconfiguration of refineries in Russia.

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