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Russia supplies 80% of exported oil, 35% of oil products to Asia-Pacific region in 2023

Russia has been implementing the plan on development of export infrastructure for Russian oil through 2026 on infrastructure expansion for boosting exports by sea since 2022, Deputy Prime Minister Alexander Novak noted

MOSCOW, April 2. /TASS/. Countries in the Asia-Pacific region were one of the main directions for supplies of Russian hydrocarbons in 2023, Deputy Prime Minister Alexander Novak wrote in the article for the Energy Policy magazine, adding that 80% of Russian exports of oil and 35% of exports of petroleum products were delivered to the region in total last year.

"We managed to fully redirect all volumes of export of oil and petroleum products to new markets after the introduction of sanctions. Countries of the Asia-Pacific region were the main purchasers of Russian oil last year. Overall, more than 80% of Russian oil and over 35% of petroleum products were supplied to countries of the Asia-Pacific region in 2023," he wrote.

Russia has been implementing the plan on development of export infrastructure for Russian oil through 2026 on infrastructure expansion for boosting exports by sea since 2022, Novak noted.

The economies of countries of the Asia-Pacific region are among the fastest-growing in the world, with this trend expected by analysts to persist in coming decades, he added.

"Illegal sanctions of a number of western countries, which embargoed supplies of commodities from Russia and imposed a cap on prices for Russian oil in 2022, have become an incentive for more active redirection of exports," the official concluded.

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Alexander Novak

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