Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Vista Projects
Copper Tip Energy Services
Copper Tip Energy
Vista Projects


Russia to send oil rejected by Europe to Asia, other regions, says Novak


These translations are done via Google Translate
FILE PHOTO - Victory Day Parade in Moscow
FILE PHOTO – Russian Energy Minister Alexander Novak attends a military parade on Victory Day, which marks the 77th anniversary of the victory over Nazi Germany in World War Two, in Red Square in central Moscow, Russia May 9, 2022. REUTERS/Maxim Shemetov

May 19 (Reuters) – Russia will send any oil rejected by European countries to Asia and other regions, Deputy Prime Minister Alexander Novak said on Thursday, adding that Europe would have to find substitute supplies that would be more expensive.

The European Commission on Wednesday unveiled a 210 billion euro ($220 billion) plan for Europe to end its reliance on Russian fossil fuels by 2027 and to use the pivot away from Moscow to quicken its transition to green energy.

Europe receives about 4 million barrels per day (bpd) of Russian oil, Novak said, adding that Russia was ready to reroute those supplies leaving Europe with more expensive crude from other origins.

Western sanctions imposed on Russia after its troops marched into Ukraine in February forced a number of oil buyers to delay or refuse cargoes, which in turn knocked Russian oil production.

GLJ
Entelec Conference and Expo 2024
ROO.AI Oil and Gas Field Service Software

Novak said Russian oil production was about 1 million bpd lower in April but had increased by 200,000-300,000 bpd in May with more volumes expected to be restored next month.

He said Russia’s oil exports were gradually recovering and the country would be able to find export markets because its energy resources were competitive.

($1 = 0.9537 euros)



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE