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    Russian Federation : Export of Russian oil grew by 12%

    June 20, 2022 - Al Bawaba Business


      The export of Russian oil for five months of this year increased by 12%. This was stated by Deputy Prime Minister Alexander Novak during his speech at SPIEF-2022.

      Speaking at the session "Global Energy Balance Challenges - 2022", he also said that the discount on Urals would decrease as new trade chains were built.

      Novak also stressed that in the future there may be a shortage of supply in the oil market. This is due to the reduction in investment.

      Global investments in the extraction of traditional energy resources in 2019 amounted to $483 billion, and in 2021 - $350 billion. The disadvantage is about a third. This means that in the future there may be a shortage of supply on the oil market, the Deputy Prime Minister noted.

      The St. Petersburg International Economic Forum, organized by the Roscongress Foundation, takes place from June 15 to 18. This year's theme is "New World - New Opportunities".


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