Russia already exported 16.5 billion cubic metres of gas to China in 2021 via its Power of Siberia pipeline [File: Maxim Shemetov/Reuters]
SCMP: Russian natural gas exports to China jump 60 per cent in first 4 months
* It comes as major buyers, especially in Europe, have cut imports following Moscow's invasion of Ukraine
* Beijing and Moscow signed oil and gas deals in February worth an estimated US$117.5 billion
Russian gas producer Gazprom said natural gas exports to China went up 60 per cent in the first four months of the year from the same period of 2021.
It comes as Moscow's invasion of Ukraine has prompted many major buyers - especially those in Europe - to reduce their gas purchases from Russia.
Gazprom on Sunday also said natural gas sales to non-Commonwealth of Independent States (CIS) countries had dropped to 50.1 billion cubic metres in the first four months - down 26.9 per cent from a year earlier.
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WNU Editor: Russia is also seeking other markets for its oil .... Exclusive - Indian refiners seeking 6-mth Russian oil import deal - sources (Reuters).
But everything is not roses for the Kremlin and its oil exports. The big problem for Russia will be the impact of international oil companies leaving Russia and their role in its oil production. Current projections are troubling .... Exclusive: Russia sees its oil output falling by up to 17% in 2022 -document (Reuters). More here .... Russia Oil Output to Drop to Lowest Level in 18 Years – Siluanov (Moscow Times).
Bottom line. Expect higher international oil prices with this decline in Russian oil production.
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