Russia is demonstrating remarkable success in the matter of import substitution in oil supplies as well as reorientation of export flows from the west to the south and east.
MK
And it’s not the limit. The effect could be even stronger, should the Russian Federation resort to the additional expansion of tanker fleet and infrastructure of sea oil ports in the south,” said Natalya Milchakova, PhD in Economics.
According to Vortexa analysts, Russia has been a key supplier of hydrocarbons to Indian territories for six months now. Last month New Delhi purchased 1.64 million barrels per day from Russia, which, by the way, broke the previous record.
For Russia, the past year was marked by a significant increase in oil supplies, which soared as much as 22 times. Exports to India continue to break records.
“Let me remind you of the IEA forecast, according to which in 2023, China and India together will provide the main increase in oil demand in the world of 1.7 million barrels per day. And by 2030, according to OPEC analysis, Beijing and Delhi together will account for up to a quarter of global hydrocarbon demand. Russia’s oil supply to India in March of 1.64 mln bpd is about two-thirds of EU black gold exports in 2022,” said the economist.
The growing trade turnover between Russia and China is not lagging behind,” the analyst stressed.
“The main volume is provided by Russian oil and gas supplies to China. In other words, Russia’s import substitution in hydrocarbon sales and redirection of export flows from the west to the east and south has been very successful. But it could become even more successful if Russia additionally builds up its tanker fleet and upgrades the infrastructure of its southern oil ports as soon as possible,” Milchakova concluded.
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