Russia’s oil exports were essentially flat in 2025 compared to a year earlier, with most supplies – a massive 80% — going to China and India, Russian Deputy Prime Minister Alexander Novak said on Friday.
Russia’s pipeline operator Transneft has cut crude intake into its system by roughly 250,000 barrels per day after damage at the Kaleykino pumping station in Tatarstan, according to Reuters sources.
The surge in Russian crude sales in China and the simultaneous drop in Indian demand for Russia’s oil have prompted Moscow to turn to using a larger fleet of supertankers—vessels capable of carrying 2 million barrels of crude.
Russia is exporting crude oil at rates higher than before its 2022 invasion of Ukraine and the barrage of Western sanctions that followed it, many targeting specifically the oil industry.
Iran and Russia are strengthening their economic and energy cooperation and consider joint development of another Iranian oilfield, top officials from the countries said on Wednesday.
Ukraine is ready to halt strikes on energy infrastructure if Russia agrees to abide by a US proposal for a weeklong truce, President Volodymyr Zelenskiy said.
India has more work to do in order to satisfy US concerns about its purchases of Russian oil and secure tariff relief, President Donald Trump’s trade representative said.
Russia’s Lukoil PJSC agreed to sell most of its international assets to private equity giant Carlyle Group, three months after being hit by US sanctions.
Lukoil has approached the Russian government seeking changes to the oil tax formula as discounts on Russian crude exceed $20 per barrel, a level that would force producers to make net payments into the budget rather than receive compensation, according to The Moscow Times, citing Izvestia.
Libya and Russia have held talks aimed at strengthening cooperation in the oil and gas sector. Khalifa Rajab Abdul Sadiq, Libya’s Minister of Oil and Gas, met with the Russian Ambassador to Libya, Aidar Aganin, in Tripoli on Monday.