Russian Oil Exports Pivots Towards the East

Russia continues as a dominant oil exporter in 2023 despite global sanctions, maintaining a yearly export volume of around 7.5 million barrels per day (mb/d), as per analysis by the International Energy Agency.

With EU/UK/US markets turning away, Russia has pivoted towards India, China, Türkiye, and countries in the Middle East, retaining its position as the world’s second largest oil exporter behind the US in 2023.

Russian oil exports to India have increased from 0.1 to 1.9 mb/d from 2021 to 2023, with China increasing from 1.6 to 2.3 mb/d. Meanwhile, exports to EU-countries declined from 3.3 to 0.6 mb/d in 2023. In total, overall exports to the EU, UK, US and OECD countries in Asia has fallen by 4.3 mb/d from 2021 to 2023.

However, Russian oil export revenue saw a $4.2 billion decline due to G7 price caps and a fall in global oil prices.

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