TELETRADER News
3/28, 9:47 AM
(Source: TeleTrader)
Novak: Oil exports to India surged 22-fold in 2022
Russian Deputy Prime Minister Alexander Novak said on Tuesday that Russian oil sales to India grew 22-fold in 2022. Following Western sanctions, Russia redirected most of its exports to the "markets of friendly countries," he said, reminding that deliveries to China also increased significantly.
Novak said that revenues from energy exports contributed 42% of Russia's budget last year. He added that Russian oil and gas production is expected to decline in 2023 but that the domestic energy industry is still sustainable.