Russia's oil exports to China and India continue to rise - financial experts warn of falling profits

Russia's oil exports to China and India continue to rise - financial experts warn of falling profits

According to a report from www.deutschlandfunk.de,

According to Deputy Prime Minister Nowak, Russia has sold almost all of its oil to China and India. Almost half of exports this year went to the People's Republic, and another 40 percent were sold to India. Only four to five percent of exports went to Europe. Revenue amounted to 88 billion euros, at a comparable level to 2021. This shows a massive change in the direction of Russian oil exports, which was accelerated by European and US sanctions.

It is important to note that the International Energy Agency pointed out in the spring that Russia's oil exports rose to the highest volume in three years despite the sanctions. However, this does not necessarily mean higher profits, as circumventing sanctions costs Russia a lot of money. Experts assume that profits have shrunk significantly.

This development could have a significant impact on the oil market. If Russia continues to direct its oil exports primarily to China and India and relations with Europe continue to cool, this could affect prices and market share of other oil suppliers. Increased demand from China and India could lead to other oil suppliers making greater efforts to develop these markets. Furthermore, this could also have geopolitical implications, as China and India's dependence on Russian oil could affect their political relations.