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to reach the volume of 22bn cubic meters by the end of this year. We will reach full capacity of 38bn cubic meters in 2025. The project of another Far Eastern route with 10bn cubic meters of gas is being implemented. The Power of Siberia-2 project crossing Mongolia with a capacity of 50bn cubic meters is under development. As a result, the total volume of supplies in this direction will hit around 100bn cubic meters of gas," he said addressing the Federation Council (upper house of the parliament). Meanwhile, Russia’s total gas production is expected to fall to 642bn cubic meters in 2023 from 673.8bn cubic meters in the previous year, according to Novak’s presentation.
The European Commission has proposed to ban selling oil tankers to Russia as part of the twelfth sanctions package to slow down the country's growing hydrocarbon exports that bypass Western sanctions, Reuters reported on November 17. Any sales of tankers to a third country would include clauses forbidding the subsequent resale of ships to Russia or freighting Russian oil products in defiance of Western price caps, such as $60 per barrel of crude. The EU is proposing to introduce new certifications for oil sales as part of the 12th sanctions package that would include a full list of services under the contract, including the cost of transportation and insurance, through inflating which the seller can achieve formal compliance with the “price ceiling.”
Banned Russian oil flows into Pentagon supply chain. Russian oil continues to flow into the American military supply chain despite Western prohibitions, the Washington Post reported on Nov. 14.
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Russia’s crude oil supplies to China in January-October 2023 amounted to 88.5mn tonnes, which is 23% higher than in the same period last year. Russia’s oil deliveries to China over the past ten months exceeded supplies in full 2022 by 2.3mn, according to figures released by the General Administration of Customs of China. In value terms oil imports from Russia to China edged down by half a% in January-October y/y to $49.31bn, the service said. In October, China imported 8.5mn tonnes of oil worth $5.45bn from Russia. Russia still ranked first among oil suppliers to the People’s Republic of China in 10M 2023, followed by Saudi Arabia (with 73.37mn tonnes of oil worth $45.55bn supplied), and Iraq (48.85mn tonnes worth $29.23bn). In 2022, China’s imports of Russian oil grew by 8.2% to 86.2mn tonnes in physical terms, and by around 43.9% to $58.37bn in value terms, according to China’s customs service.
Russia became the largest supplier of crude oil to China and India again in September 2023, OPEC said in its November report.
Moscow ensured almost 19% of China’s total oil imports in the reporting period, the organisation said. Saudi Arabia accounted for 14% of supplies,
97 RUSSIA Country Report December 2023 www.intellinews.com