India doubles its petroleum exports to Europe in 3 years backed by oil imports from Russia: Rosneft CEO
Addressing the 28th St Petersburg International Economic Forum, the CEO of Russia's state-owned energy company said that global energy security is impossible without Russia, Venezuela and Iran. He noted that these countries, with which oil trade has been sanctioned by the US, account for one-third of the global liquid hydrocarbons reserves and 15% of the global production.
'Being the second largest buyer of Russian crude oil, India has practically doubled its export of petroleum products into Europe over the past three years," he said.
Also read: If Iran's oil is cut off, China will pay the price
India increased the import of Russian oil after the western sanctions on Russia's energy supplies following its invasion of Ukraine in February 2022, as it offered India deep discounts. Russian oil currently comprises about 35% of India's overall oil imports, up from around 2.5% before the Russia-Ukraine conflict started.
He also said that many oil-producing countries need an oil price much higher than current levels to balance their budgets. 'Thus, according to International Monetary Fund calculations, in 2025 this price is more than $90 per barrel for Saudi Arabia's budget," he said.
The August Brent contract on the Intercontinental Exchange stood at $77.01 per barrel, 2.33% lower than its previous close. However, prices have soared from $64-65 after Israel launched aerial attacks on Iran on 13 June.
Also read: Brazil auctions off several Amazon oil sites despite environmentalists, Indigenous protests
Speaking on energy security, the CEO said, 'Russia, Venezuela and Iran are key players in the energy market and global energy security directly depends on their supply. These countries account for one-third of the global liquid hydrocarbons reserves and 15% of the global production. Without their resource base, it is impossible to facilitate the transition to the new landscape of the global energy industry."
Observing that Russia's actual contribution to the global economy is proportional to its share in the world resource balance, he said that Russia's share in global hydrocarbon exports is about 15%.
Also read: Oil India: Looking beyond benefits of crude price rally
Talking of India's growing energy demand, he said, 'India, which many now expect to experience explosive growth in energy demand, is on the verge of choosing its energy consumption model. In this country, we are also seeing a growing interest in coal-fired and nuclear generation. For example, more than 30 coal mines are scheduled to reopen this year, and five new coal mining projects are expected to come onstream. India is also building six new nuclear reactors."
He also noted that the Indian government plans to add at least 80 GW of additional coal-fired capacity by 2032 to meet growing electricity demand.
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