Page 133 - RusRPTJul23

million barrels per day.
Russia and Kazakhstan have agreed to extend their agreement on transporting oil through Kazakhstan until 2033, the TASS news agency reported on June 16, citing Moscow’s Energy Ministry. The agency cited the ministry as saying that the volume of oil transported through the country would amount to 10mn tonnes a year.
Russia has managed to redirect supplies of oil and petroleum products to Africa, Turkey and Asian-Pacific countries, Energy Minister Nikolay Shulginov said in an interview with Izvestiya on the sidelines of the St. Petersburg International Economic Forum (SPIEF). Earlier, Deputy Prime Minister Alexander Novak said that Russia’s exports of oil to friendly countries soared by 76%, of petroleum products - by 20%, and gas - by 8% in 2022 in annual terms. All in all, almost 40mn tonnes of oil and petroleum products were directed from western to eastern markets last year, he said, adding that this year out of 223mn tonnes of oil and oil products exported in the western direction only 87mn tonnes, or 40%, were expected to remain.
India's reliance on Russian oil imports saw a significant increase in May, surpassing combined supplies from Saudi Arabia, Iraq, the United Arab Emirates (UAE), and the United States, according to data from fuel cargo tracker Vortexa. The Economic Times reported on Monday that India's imports of Russian oil surged by 15% on a monthly basis to reach 1.96 million barrels per day.
During the same period, Iraq supplied India with 830,000 barrels per day, while the UAE provided 203,000 barrels per day. The rise in Russia's share of the Indian oil market came at the expense of traditional suppliers in the Middle East. Shipments from Saudi Arabia, for instance, dropped to 560,000 tonnes, the lowest since February 2021.
The shift in India's oil imports highlights the changing dynamics of global oil trade and the country's efforts to diversify its sources. While the exact reasons behind the increase in Russian oil imports are not specified in the report, factors such as pricing, supply availability, and geopolitical considerations likely play a role in India's decision-making process.
Interestingly, the average cost of oil from Russia, including freight charges, was reported to be $68.21 per barrel in April. In comparison, the average cost from Saudi Arabia stood at $86.96 per barrel, and from Iraq at $77.77 per barrel. However, specific pricing details for May were not disclosed in the report.
133 RUSSIA Country Report July 2023 www.intellinews.com