Russia’s oil exports to China hit 50% in 2023
Russian Deputy Prime Minister Alexander Novak stated on Wednesday that China received half of Russia’s oil and petroleum exports in 2023, and India’s portion increased to 40 percent within two years.
“The main partners in the current situation are China, whose share has risen to approximately 45 to 50 percent, and of course India,” said Novak, who is responsible for Russia’s energy sector.
“Previously, there were no supplies to India, and within two years, the total share of supplies to India reached 40 percent,” he added.
Novak further mentioned that the percentage of Russian crude exports to Europe dropped from around 40–45% to just about 4–5 percent.
Earlier data revealed a continuing decline in Russian oil and gas revenues this year. The Russian Ministry of Finance anticipates a 2023 budget deficit of approximately 2.9 trillion rubles ($31.6 billion), which is about 1.5 percent of the GDP.
Anton Siluanov, the Russian Finance Minister, stated that while both expenditures and revenues exceeded projections, the equilibrium between them stayed as anticipated.
