Page 110 - RusRPTFeb24

Indian government officials have strongly denied that there was any issue concerning the payment mechanism. Instead, the drop in imports was due to relatively unattractive prices and smaller margins, they added.
India's oil imports from Russia in December declined between 16% and 22%, according to Reuters calculation based on data from flow tracking agencies Vortexa, Kpler and LSEG. Its imports of Saudi oil, rose by about 4 per cent.
India fell back on its key traditional supplier and imported more Iraqi oil in December, to make up for the shortfall of Russian crude. Iraqi Basrah Medium grade crude is about $1.50 cheaper than Saudi Arabia’s Arab Medium.
The Organization of Petroleum Exporting Countries and its allies have lost market share in 2023 in large part because of a US production boom, but Brazil and Guyana are also seeing banner years for crude output.
The International Energy Agency said Thursday that OPEC+ has seen its share of the oil market shrink to 51%, the lowest since 2016.
That comes as Brazil has seen its output jump 400,000 barrels a day to 3.6 million this year, according to Kpler data shared with Business Insider and depicted below.
The Organization of Petroleum Exporting Countries and its allies have lost market share in 2023 in large part because of a US production boom, but Brazil and Guyana are also seeing banner years for crude output.
The International Energy Agency said Thursday that OPEC+ has seen its share of the oil market shrink to 51%, the lowest since 2016.
That comes as Brazil has seen its output jump 400,000 barrels a day to 3.6 million this year, according to Kpler data shared with Business Insider and depicted below.
9.1.1c Gas sector news
The oil and gas industry is expected to spend more than $1 trillion on natural gas supply, driven by demand for gas in Europe, climate campaign group Global Witness said on January 29 in a new analysis of Rystad Energy data.
The industry is set to invest $223 billion of the projected spending in the supply of natural gas for Europe by 2033, according to Global Witness’s analysis. Europe’s gas demand is likely on a structural decline, but the continent needs supply to replace Russian pipeline gas, which was its top source until 2022.
110 RUSSIA Country Report February 2024 www.intellinews.com