Russia Says Its Oil Exports Rose By 7% in 2023 Compared to 2021

Russia's crude oil exports this year will be 7% higher compared to 2021, Russian First Deputy Prime Minister Andrei Belousov was quoted as saying on Thursday.  

Russian crude oil exports in 2023 have exceeded by 7% the volumes exported in 2021 - just before the Russian invasion of Ukraine. This year's crude oil exports out of Russia are estimated at around 250 million tons, Russian news agency Interfax quoted Belousov as saying during a meeting of the Council for Strategic Development and National Projects.

"The most pressing problems last year have generally been resolved. This firstly concerns payments and cargo insurance, [and] secondly concens ensuring seaborne shipping of hydrocarbons by tanker fleet," Belousov said.

Over the past year, Russia has amassed a "shadow fleet" of tankers, which helps it ship its oil to international markets, mostly to Asia. 

Belousov's comments came a day after the U.S. Treasury slapped more sanctions as it tightens enforcement of the Western price cap on Russian oil.  

The U.S. designated a Government of Russia-owned ship manager and "several obscure oil traders who have emerged as frequent participants in the seaborne transportation of Russian-origin oil following the imposition of the price cap," the Treasury said. It also updated guidance to strengthen the attestation and recordkeeping processes for certain covered service providers. 

By Michael Kern for Oilprice.com

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Russia has increased significantly its crude oil exports to China and India this year, with volumes to China hitting 100 million tons annually, or around 2 million barrels per day, Nikolay Tokarev, the head of Russian oil pipeline monopoly Transneft, told Russian media earlier this week. 

China and India have become the key export outlets for Russia's oil this year after the EU embargo on Russian crude and products and the G7-led price caps, above which Western insurers and financiers are prohibited from offering services for the shipment of Russian oil. Both China and India saw their respective imports of crude from Russia hit a record high at some point in 2023.