MOSCOW, January 5. /TASS/. The Europe’s share in Russian oil supplies may not be above 8% and may even drop to zero, experts questioned by TASS say.

"I do not think the situation may change in 2024 - more than 80% of Russian oil will be directed to China and India. The EU share may fall to zero by the end of 2024; I do not think that oil supplies to the EU from Russia will be above 1-20 mln metric tons as of the end of the year, i.e. they will stand at less than 8% of Russian exports," sector head of the Institute of Energy and Finance Sergey Kondratyev said.

The structure of Russian crude oil and petroleum products export will stay unchanged in 2024, Vasily Tanurkov from ACRA said. Main flows will go to India and China as in 2023 but there is an opportunity for a certain increase of supplies to Africa and other Asian countries, the expert added,

Russia will deliver about 90% of its oil to China, India, Malaysia and Turkey, Nikolay Dudchenko from Finam said. "Asian countries will to all appearances remain key countries for exports of oil and petroleum products: China, India, Turkey, Malaysia, South Korea, and Singapore. It is fairly probable that the share of African countries will grow - these are Morocco, Tunisia, Libya, Egypt, Togo, and Senegal," he said. Europe has already slashed its share in Russian oil supplies by 80-90% but Slovakia, Bulgaria and Hungary are still receiving Russian oil within the framework of an exception from the EU embargo, Dudchenko added.

The share of Asia in exports will grow but there is a need to keep an eye on other markets, Dmitry Kasatkin from Kasatkin Consulting said. "Russian oil, gas and [petroleum] products are gradually entrenching in new markets. Exports are gradually diversifying: supplies to Brazil and Pakistan and to new geographies in Asia are growing. The share of Asia will increase from year by year and it is also important to pay attention to the share in other regions," he added.