Russia to supply 87 mln tons of oil in 2023 to West

The West will receive 87 million tons of Russian oil this year, Russia's Deputy Prime Minister Alexander Novak said.

"Only 87 million tonnes or 40% will be left of the 223 million tonnes of oil and oil products that were exported towards the west," he said in an article for the Energy Policy magazine.

Russia boosted oil and oil product exports to friendly countries, primarily India and China, in 2022, Novak said.

"Oil exports to friendly countries grew 76%, and oil product exports 20% in 2022. In total, almost 40 million tonnes of oil and oil products were redirected from western markets to eastern ones last year," the minister said.

According to him, Russian oil exports to India grew 19-fold to 41 million tonnes, and to China they grew 28% to 89 million tonnes, oil product exports to India doubled to 6.2 million tonnes.

"Russia is second among the leading oil suppliers to China and ranks first by oil shipments to India," Novak said.

He said the upward trend in shipments to the Asia-Pacific region would continue in 2023.

Russia increased oil production 2% to 535.2 million tonnes in 2022. Exports grew 7.6% to 242 million tonnes.