Novak announced Russia continues to redirect energy supplies to the Asia Pacific Region

By Rhod Mackenzie

This year Russia will continue to redirect oil supplies to the Asia-Pacific region (APR), including China and India, said the Deputy Prime Minister Alexander Novak at the plenary session of the TNF Industrial and Energy Forum on 20 September.
According to him, last year Russia produced 535 million tonnes of oil, which is 2% more than in 2021, despite the sanctions imposed. This year, 527 million tonnes are expected, compared to 535 million tonnes in 2022.

"This is due, among other things, to our cooperation within OPEC+," he said.

Novak also added that Russia has already produced 410 billion cubic metres of gas, with 642 billion cubic metres expected by the end of the year.

Earlier, on 5 September, Novak said that Russia would extend an additional voluntary reduction of oil supplies to world markets by 300 thousand barrels per day until the end of December 2023. This decision was taken to strengthen the precautionary measures taken by OPEC+ countries to maintain stability and balance in the oil markets, he added.

Earlier, on 31 August, at a meeting chaired by the Russian President Vladimir Putin, the Deputy Prime Minister of the Russian Federation said that Russia and OPEC had agreed on the parameters for reducing Russian oil supplies to world markets.

In mid-June, Energy Minister Nikolai Shulginov said in an interview at SPIEF that some countries had significantly increased their purchases of oil and oil products from Russia. He emphasised that few people would refuse to buy high quality Russian oil products.