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Russia Targets Higher oil Volumes East in 2023: Novak

OIL

Russia sent about 40 million tonnes of oil and oil products from Western to Eastern markets last year according to Deputy Prime Minister Alexander Novak.

  • "I was talking about 2022, that 20%, about 40 million tonnes of our total oil and oil product exports that used to go westward, and we had about 220 million tonnes in the western direction, 40 million tonnes went east," Novak said.
  • "So 40 million tonnes went [East] in 2022. This year 140 million tonnes of oil and oil products will go east. And a total of about 80 million-90 million tonnes will remain in the Western direction," Novak said.
  • Russia is expected to reduce oil production by 20 million tonnes to 515 million tonnes in 2023.
  • Novak claims that Russia has cut April output by 500,000 bpd but export flows remain high, showing little indication of any cuts yet. (see our weekly newsletter for more on Russian oil exports)
Energy BulletsCommodities
Energy BulletsCommodities

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