Russia says it is ready to sell oil to “friendly countries” at “any price”
Russia’s Energy Minister Nikolai Shulginov said the country was ready to sell oil and petrochemical products to “friendly countries” at “any price,” the Izvestia newspaper reported on Wednesday. When talking about the state of the Russian oil and gas industry, he said that the industry is facing challenges from the constant withdrawal of foreign companies and the sanctions of Western countries.
He said that crude oil output prices could in principle reach between $80 and $150 per barrel, although Russia is focusing more on ensuring the operation of the oil industry. The international benchmark Brent crude oil price hit nearly $140 a barrel last month and hit around $100 a barrel on April 13.
Mr. Shulginov did not specify which “friendly countries”, but one thing is certain: India and China have bought cheap Russian oil. In addition, neither country has publicly mentioned the tension between Russia and Ukraine.
India is the third largest oil consumer in the world. The country bought about 12 million barrels from Russia last year, just 2% of its total imports. Meanwhile, while China’s large state-owned refineries have not signed new oil contracts with Russia, smaller private refineries have been discreetly buying Russian oil, Reuters reported on Wednesday. last week.
Russia is an energy power, so even in the face of sanctions, the country will still reap nearly $321 million in energy exports in 2022. This is 36% more than that. 2021, Bloomberg Economics forecasts in April.
Even so, the Russian economy is likely to shrink 11.2% in 2022, the World Bank said in a report. The country’s oil and gas revenue in March was also 38% lower than the forecast of the Russian Finance Ministry on March 3, according to data from the ministry released on April 12.
Refer to BI
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