Russia wants to become the second-largest oil producer in the world
1 month, 1 week ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it attractive to nations like India, as Western sanctions on Russian exports have made its oil more affordable. A recent report from the Centre for Research on Energy and Clean Air highlights that India has become the EU’s top supplier of oil products, much of it from refineries like Jamnagar and Vadinar, and Mangalore Refinery and Petrochemicals Ltd. CREA points out that continued EU imports of refined products sustain Russia’s crude exports to non-sanctioning countries, ultimately strengthening Russia’s revenue. The Kremlin’s Push For Global Energy Dominance Oil and gas are the cornerstone of Russia’s economy, contributing nearly a third of federal revenue and providing President Putin with significant global influence.

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