Changing course: Russia will divert 140 million tons of oil from Europe to Asia.

Sputnik - In 2023, Russia will redirect 140 million tons of its oil and petroleum product exports to Asia, down from the 220 million tons previously destined for Europe, Deputy Prime Minister Aleksandr Novak said on the sidelines of a meeting of the Board of Directors of the Moscow Energy Institute.

 "This year, 140 million tons of oil and petroleum products will be exported. Around 80 to 90 million tons will be exported to the West," he said.

 In 2022, approximately 40 million tons were exported from European markets to the East. Therefore, in 2023 Russia plans to redirect more than 60% of its oil and petroleum product exports, previously destined for Europe, to Asia.

 In February, the Russian Deputy Prime Minister reported that Russia's oil exports in 2022 reached 242 million tons, a 7,6% increase. According to the Federal Customs Service, in monetary terms, exporters increased exports of mineral fuels, petroleum, and distillate products by 42,8% compared to 2021, to US$383,7 billion (R$1,935 trillion).

 At the same time, oil and gas budget gains for the first quarter of this year decreased by 45% year-on-year, which, according to the Ministry of Finance, "is mainly due to the decline in price quotations for Russian Urals oil and a decrease in the volume of natural gas exports."

 The agency expects a "gradual reduction in price discounts" from Urals and a recovery in tax revenues in the second half of 2023.