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Russia to Sell More than 80% of its Oil to “Friendly” Countries in 2023

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Russia to Sell More than 80% of its Oil to “Friendly” Countries in 2023

(CTN News) – Deputy Prime Minister Alexander Novak said on Monday that Russia intends to sell more than 80% of its oil exports to nations it considers to be “friendly” in 2023, referring to nations that have not imposed sanctions on Moscow for its invasion of Ukraine.

He said that these nations would also get 75% of Russia’s refined oil exports and that Moscow was still looking for additional markets.

Since being subjected to Western sanctions and a G7 price restriction intended to restrict its capacity to use oil income to fund the conflict in Ukraine, Russia has increased discounted sales to China and India in particular.

The OECD group of Western nations, which includes the United States, Canada, and Norway, might unleash its strategic oil reserves, according to Novak, who also expressed concern about the unpredictability of the world oil markets.

Ahead of US inflation data, investors considered Russian promises to reduce crude output and worry about short-term demand as oil prices nudged up on Monday, recovering from early losses.

By 17:35 GMT, Brent futures for April delivery were up 30 cents, or 0.4%, to $86.69 per barrel. A barrel of US crude increased by 58 cents, or 0.7%, to $80.30.

Oil prices reached their highest level in two weeks on Friday after Russia, the third-largest oil producer in the world, announced it would reduce crude production by 500,000 barrels per day (bpd), or about 5% of output, in March as retaliation for Western export restrictions imposed in response to the conflict in Ukraine.

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Arsi Mughal is a staff writer at CTN News, delivering insightful and engaging content on a wide range of topics. With a knack for clear and concise writing, he crafts articles that resonate with readers. Arsi's pieces are well-researched, informative, and presented in a straightforward manner, making complex subjects accessible to a broad audience. His writing style strikes the perfect balance between professionalism and casual approachability, ensuring an enjoyable reading experience.

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