"Russia to sell most of its oil to \u201cfriendly\u201d countries"

" Russia to sell most of its oil to \u201cfriendly\u201d countries \r\n\r\nRussia\u2019s Deputy Prime Minister Alexander Novak announced the country\u2019s plans to sell more than 80% of its crude oil exports to \u201cfriendly\u201d countries this year.\r\n\r\nThese \u201cfriendly\u201d countries include countries such as China and India, which haven\u2019t participated in product bans, sanctions against Russia, and oil and oil product price capping\u2014as well as Sri Lanka, which is in the throes of an economic crisis. While India has been criticized for its Russian crude purchases, it has maintained that it must make good economic decisions by purchasing the cheapest crude oil possible. After India refines the crude into fuel, it is often exported to the United States and Europe.\r\n\r\nNovak also said that it is these \u201cfriendly\u201d countries that will also receive two-thirds of its refined oil products, adding that the country was also on the hunt for new markets.\r\n\r\nIn addition to its war in Ukraine, Russia has undertaken an energy war against the West\u2014mainly European Union member countries\u2014which has resulted in Russia offering its crude oil at steep discounts to the Brent crude benchmark. It also has resulted in Russia\u2019s budget swinging into a $24.7 billion deficit last month, with state revenues from oil and gas falling by nearly 50% as it was forced to slash the price of Urals. Urals has been trading somewhere near $30 per barrel below Brent.\r\n\r\nNovak warned last week that there was a risk of lower oil production this year on the back of the EU\u2019s import bans and price caps on Russian crude oil and its oil products. Shortly after this statement, the country announced it would cut its crude oil production by 500,000 barrels per day.\r\n\r\nBut Novak said that Russian crude oil production held fast at somewhere between 9.8 million bpd and 9.9 million bpd last month."

"Russia to sell most of its oil to \u201cfriendly\u201d countries"

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