Russia exports 238 million tonnes of oil by 2025, says Deputy Prime Minister

Alexander Novak, Deputy Prime Minister of Russia, said that the country's oil exports will reach 238 million tons by 2025. Around 80% of these volumes are sent to China and India.

The Russian exports of 480 million barrels a day or 240?million tonnes are roughly comparable.

After the beginning of the war in Ukraine, Russia was forced to divert its oil exports away from Europe. This used to be their main?market of commodity supplies.

Novak stated that Russian oil exports into Europe in 2013 were only 25 million tonnes, down from the 175 million tonnes Russia exported before the Western sanctions against Ukraine.

Due to Western sanctions, Russia faced difficulties?in selling its oil and has?had?to offer a lower oil price than international benchmarks to attract demand.

The Urals oil blend, which is the flagship of Russia's oil production, was sold in Baltic ports.

deepest discounts

Data shows that Brent crude has been the global benchmark for 'three years'.

Novak said that Russia aims to reduce the gap to $10 per barrel. (Reporting and editing by Gleb Brianski; Vladimir Soldatkin)

(source: Reuters)