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Russia's Oil Export Plan for 2023

Russia will sell over 80% of its oil exports to countries it considers "friendly" in 2023. This is according to Deputy Prime Minister Alexander Novak.

Alexander Novak
Alexander Novak

"Friendly" Countries Receive 75% of Refined Oil

The "friendly" countries will also receive 75% of Russia's refined oil products. Moscow continues to search for new markets.

Increased Sales to China and India

Russia has increased discounted sales to China and India due to Western sanctions and a G7 price cap designed to limit its ability to finance the war in Ukraine from oil revenues.

Uncertainty in Global Oil Markets

Novak warns of uncertainty in global oil markets as Western countries from the OECD group, which includes the United States, Canada, and Norway, could release their strategic oil reserves.