Russia: 20 percent of oil sent to Europe is diverted to Asian markets

Evaluating the developments in the energy markets at the “Information” forum held in Moscow, Russian Deputy Prime Minister Aleksandr Novak explained that the cooperation between the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries, could be long-term.

Novak said, “The OPEC+ agreement expires at the end of 2023. But we have an agreement that we signed a few years ago. If there is no need to coordinate our actions, we will simply meet, discuss the situation on world markets and consult on joint projects.” he said.

Emphasizing that the OPEC+ group considers the interests of both producers and consumers, Aleksandr Novak said, “We are not talking about regulating prices. It is extremely important to state that there should be a balance of interests between the exporter and the consumer.” said.

Pointing out that reducing oil production too much to increase the price of oil has various dangers, Novak said, “This will lead to substitution of oil with cheaper sources. So it’s a matter of competition, how to behave in the market, balancing other competitive energy sources and ensuring the stable operation of the industry.” used the phrases.

Cuts in natural gas exports to Europe

Regarding the Russian energy sector, for which Western countries have imposed comprehensive sanctions, Novak said that the energy resources Russia sent to Europe were directed to new markets to a significant extent.

Stating that the Asian market has come to the fore in oil, Novak said, “We directed 20 percent of the oil we sent to Europe to Asian markets such as China and India.” said.

Pointing out that there is a similar situation in natural gas exports, Novak said, “We reduced natural gas shipments to Europe by approximately 30 percent and directed some of them to Asia. In particular, we increased shipments to China by about 50 percent through the Power of Siberia.” he said.

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