World is lining up for Russian energy, the Kremlin says

Bloomberg04-07 19:38

The Kremlin said on Tuesday there were a huge number of requests for Russian energy from a range of different places amid a grave global energy crisis that was shaking the foundations of the oil and ...

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We are negotiating, we are negotiating in such a way that this situation best suits our interests.”Russia, the world’s second largest oil exporter after Saudi Arabia, produces around 10 million barrels of crude per day and about half are exported. Russia holds the world’s largest natural gas reserves.Still, Russia may in fact have to reduce oil production because Ukrainian strikes on ports, pipelines and refineries have cut export capability by 1 million barrels per day, or a fifth of total capacity, Reuters reported last week.Selling eastwardsAsian countries including Vietnam, Thailand, the Philippines, Indonesia and Sri Lanka are lining up to buy Russian oil as the Iran war blocks supplies, raising the possibility that demand may exceed supply, Reuters reported last month.In a sign of the demand, prices for Russia’s Urals blend traded at a premium of US$5.00 to $8.00 per barrel to Brent last month. Usually, Urals trades at a discount.Beyond oil, Russia is also moving LNG eastwards.Latest economic news on BNNBloomberg.caYamal LNG, controlled by Russia’s largest liquefied natural gas producer Novatek has sent its first cargo to China since last November, LSEG data showed on Tuesday, weeks before the gradual enforcement of Europe’s ban on Russian LNG imports.The project, located on the Yamal peninsula in the Arctic, has previously mostly exported its frozen gas to Europe.Putin said last month that Russia could divert gas away from Europe, given the European Union’s decision to ban imports of Russian pipeline gas by late 2027 and new short-term Russian LNG contracts from April 25 this year.(Reporting by Dmitry Antonov and Guy Faulconbridge; editing by Vladimir Soldatkin and Hugh Lawson)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2625930890","isCrawlerRequest":true}