Russia’s oil exports were essentially flat in 2025 compared to a year earlier, with most supplies – a massive 80% — going to China and India, Russian Deputy Prime Minister Alexander Novak said on Friday.
Last year, Russian oil exports were about 238 million tons, or around 4.8 million barrels per day (bpd), basically flat compared to the 240 million tons Russia exported in 2024, according to Russia’s top oil official representing Moscow at the OPEC+ meetings.
Today, Russia exports around 80% of its oil to India and China, Novak was quoted as saying by the Russian news agency TASS.
At the same time, oil exports to Europe have slumped.
Russia sent 25 million tons to Europe last year, compared to 175 million tons per year previously, Novak said.
Russia has re-directed its oil exports to Asian markets, especially the biggest Asian oil importers, China and India, following the Russian invasion of Ukraine and the subsequent bans, embargoes, and price caps on Russian oil in the EU, the U.S., and the UK.
The U.S. sanctions on Rosneft and Lukoil from October 2025 and the U.S.-India trade talks have also reduced India’s intake of Russian oil in recent weeks.
India’s pivot away from Russian crude oil has been a major hit to Russia’s already limited export markets. Now China remains the only “safe” market for Moscow to rely on.
Deepening discounts on Russia’s flagship crude grades amid competition from Iran for China’s independent refiners have constrained Moscow’s budget income from oil and gas.
Despite the recent rise in international benchmark prices, Russia’s crude is selling at significantly lower levels, as discounts have widened in recent weeks. Russian crude is offered at discounts of more than $11 per barrel below Brent quotes for shipments to China, which has remained the main market for Russia’s oil following the massive withdrawal of Indian refiners.
By Charles Kennedy for Oilprice.com
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