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satisfied. We have received so far all energy resources on time, according to the contract on the agreed price. So, there is no reason why not to work on the further improvement and the further widening of this cooperation," the minister said. Szijjarto also noted that he had always had friendly relations with Russian Deputy Prime Minister Alexander Novak who is responsible for energy policy. "Whether we like it or not, we must admit that without the supplies from Russia, the safe supply of Hungary when it comes to energy would not be possible," he said, adding that "without the Russian resources, it would be impossible to supply the country with gas, with oil and with the nuclear fuel."
Russia’s oil exports to China in January-February 2024 amounted to 17.72mn tonnes, which is 13% higher than in the same period last year, with Russia remaining the largest supplier to the People’s Republic of China, according to figures released by the General Administration of Customs of China. In value terms oil imports from Russia to China totaled $9.9bn in the reporting period, up by 13.87% in annual terms. Russia is followed by Saudi Arabia (13.49mn tonnes worth $8.2bn) and Iraq (10.14mn tonnes worth $5.8bn) in terms of oil supplies to China. In 2023, Russia’s oil exports to China grew by 24% compared with 2022 to 107mn tonnes.
Russia remained China's top oil supplier in the first two months of this year, data showed on Wednesday, as Saudi supply cuts continued. China's imports from Russia, including supplies via pipelines and sea-borne shipments, rose 13% on the year to 17.72mn metric tonnes, or 2.16mn barrels per day (bpd) over the January and February period, according to data from the General Administration of Customs. Russia was China's top supplier throughout 2023, shipping more than 107mn tonnes, or 2.14mn bpd despite Western sanctions and a price cap following the Kremlin's 2022 invasion of Ukraine.
Russia supplies averaged 2.16 mln bpd, +13% yr/yr Saudi volumes around 1.64 mln bpd, -3.1% yr/yr Malaysia volumes at 1.09 mln bpd, +69% yr/yr
Russia is selling Urals oil to India well above a Western price cap despite payment delays and difficulty finding tankers, Reuters reports. Russia's government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9mn barrels per day (bpd) by the end of June in line with its pledges to OPEC+, sources told Reuters earlier this week. Recently US sanctions on Russia's main shipping firm Sovcomflot pushed Indian refiners to reject oil deliveries on its tankers, complicating logistics for Moscow. Urals oil price for Urals oil cargoes loading from Russia's Baltic ports in April was around $68 per barrel as of Thursday, Reuters assessments showed. Spot Urals oil prices on a delivered ex-ship (DES) basis in Indian ports remained stable from levels for March-loading cargoes at a
130 RUSSIA Country Report April 2024 www.intellinews.com