Velina Tchakarova, a renowned global strategist, has provided a thorough analysis of the Russian oil and gas industry in her latest article for Attaqa. The year 2023 has been a pivotal period for this sector, marked by resilience and adaptability in the face of global challenges.
Key Highlights from the Article:
China and India’s Role: A significant point made by Tchakarova is that China and India now account for over 75% of Russia’s seaborne oil supplies. This shift in trade patterns is indicative of the changing dynamics in the global energy market.
Flexibility of the Russian Oil and Gas Sector: Despite facing numerous challenges, the Russian oil and gas industry demonstrated remarkable flexibility and adaptability in 2023, adjusting to new market conditions and trade restrictions.
Increase in Oil Exports: Tchakarova notes that Russian oil exports are expected to rise by 2.1% in 2023, reaching a total of 247 million tons. This increase reflects Russia’s successful redirection of its oil exports amidst shifting global alliances.
Growth in LNG Exports: The article also highlights that exports of Liquefied Natural Gas (LNG) from Russia are anticipated to rise gradually from 2023 to 2026. This trend underscores Russia’s ongoing efforts to expand its energy portfolio and reach new markets.