The Moscow Times: Russia Accelerates Oil Shift to East at Europe's Expense

Russia is diverting more of its crude oil East with deliveries to China hitting a new record last month at the expense of Europe as geopolitical tensions between Moscow and the West dictate the latest shift in flows.

As Russia's relations with the West deteriorated over the Ukraine crisis, the European Union and United States imposed wide-ranging sanctions on Russian firms, including oil and gas producers, leaving Moscow trying to forge closer ties with energy-hungry China.

Russia's Еnergy Мinistry says crude oil supplies to China surged in January — September by almost 45 percent year-on-year, to 16.8 million tons (450,000 barrels per day), while shipments from the Baltic Sea port of Primorsk plunged almost 20 percent to 33 million tons.

Oil product exports to Europe have been rising and plans for state-owned monopoly Transneft to use crude oil pipelines for exports of diesel show the trend will likely continue.
MORE