Asia becomes major oil export market for Russian Rosneft

For the first time Asia became the largest export market for Rosneft in Q3, overtaking Europe, according to the company’s IFRS statement published on Tuesday. Oil exports to Asia reached 15.7mn tons in Q3, 48% of total, compared to 13.1 million tons (40%) for Europe. The change has been quite fast as Europe had a share of about 60% in oil exports a year ago. The destination for Russian oil is China, seen as a strategic partner after the rift with the West. Last year Rosneft delivered about 40 million tons of oil to China and this year the figure is likely to rise to 50 million tons. Apart from a turn toward Asia, the trend reflects also decreasing demand for oil in Europe. Meanwhile, Europe retains its dominant position as destination for exports of oil products, which reached 12.3 million tons compared to 4.6 million going to Asia.

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