Russian oil exports to India rose 19-fold last year

Russian Deputy Prime Minister Alexander Novak said in an article in Energy Policy magazine that Russia will increase its exports of oil and petroleum products to friendly countries in 2022.

In 2022, oil exports to friendly countries increased by 76 percent and oil product exports by 20 percent. Last year, nearly 40 million tons of oil and oil products were transferred from Western markets to eastern markets."

He said Russia's oil exports to India increased 19-fold to 41 million tons and exports of petroleum products to India doubled to 6.2 million tons. "Russia is the number one supplier of oil to India," Novak said. He said that shipments in the Asia-Pacific region will continue to show an upward trend through 2023. "Of the 223 million tons of oil and petroleum products exported to the West, only 87 million tons, or 40 percent, remain," he said. Russia will increase oil production by 2 percent to 535.2 million tons in 2022. Exports rose 7.6 percent to 242 million tons.