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Russian oil export to grow by 8% annually in 2022 — Novak

The country will redirect oil supplies not merely to Asian countries but also to Africa and Latin America, the official said

MOSCOW, October 14. /TASS/. Russia’s export of crude oil grow will grow by 8% in annual terms in 2022, Deputy Prime Minister Alexander Novak said at the Russian Energy Week forum.

"We expect this year, if speaking about the oil sector, production volumes to be even higher against the last year, a minor yet increase. Exports will be approximately 8% high. Our oil companies managed to refocus on other markets, managed to establish new logistical chains and find new mechanisms of payments and transition, including to settlements in national currencies. In other words, we see a stable situation here to support the domestic market and export sales," the official said.

Russian oil export contracted by 3.2% to 225.1 mln tonnes in 2021, according to earlier statistics.

The country will redirect oil supplies not merely to Asian countries but also to Africa and Latin America, the official said.

"In terms of refocusing, our greater portion will be directed to the Asia-Pacific Region, to India, Pakistan and other countries in this direction. In particular, to Africa and Latin America also, that is, to those requiring our energy resources," Novak said.

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