The Ministry of Energy announced the preservation of oil exports

RUSSIA did not reduce oil sales, as it was able to completely redirect the volume of supplies that fell due to the embargo of the EU and G7 countries, Energy Minister Nikolai Shulginov said at the final meeting of the ministry's collegium.

“In connection with the sanctions, it is important not only to maintain the level of oil production and refining, but also exports and, accordingly, federal budget revenues,” the minister said.

Shulginov explained that Russia is working to reorient the supply of oil and petroleum products to the countries of Asia, Africa, Latin America and the Middle East.

“Already today I can state that we managed to completely redirect the entire volume of exports that fell due to the embargo, there was no decrease in sales,” the minister said.

Earlier, Deputy Prime Minister Alexander Novak said that Russia last year increased oil supplies to CHINA  and especially to India. “If we take, for example, oil supplies to India, they increased 22 times last year. Deliveries to China and other markets have grown, and this is also the result of the great work that has been done in the industry,” he said.

The day before, BLOOMBERG reported that diesel exports from Russia this month will reach a record level since 2016, despite European Union sanctions that have deprived the country of its largest sales market. The agency relied on data from the analytical company Vortexa Ltd on the shipment of diesel fuel from Russian ports.

According to these data, deliveries of diesel fuel from Russia for the first 19 days of March amounted to about 1.5 million barrels. per day. If the trend continues until the end of the month, they will become a record. The graph of Russian diesel exports published by the agency shows that this is already the highest monthly figure since at least January 2016.

In late February, Bloomberg reported that Russia had increased crude oil exports through Pacific ports.

During the week ending February 24, 34 tankers loaded Russian oil, 14 of them received fuel in Pacific ports: ten in Kozmino (near Nakhodka, Primorsky Territory), three in De-Kastri (Khabarovsk Territory), and one in Prigorodny ( on Sakhalin near Korsakov). The remaining 20 tankers loaded oil in Ust-Luga and Primorsk (Leningrad region), Murmansk and Novorossiysk. The agency estimated the income from oil sold this week at $44 million.

In the previous two weeks, there were no more than ten tankers in the Pacific ports of Russia, the agency specified. According to him, the latest EXPORT volumes are a record since the beginning of 2022, when the agency began tracking. Researchers note that oil from eastern ports is traded at prices 40% higher than, for example, from the Baltic.