Russia to increase oil exports to China
Reuters has an updated report on increases of Russian oil exports to China. In July-September, Russia plans to increase oil exports by 13 percent higher than the three months prior.
Together with supplies to the Pacific port of Kozmino, Russia will export around 750,000 barrels per day to Asia, or 17 percent of its overall exports of 4.4 million bpd.
"Russia has been losing its interest in Europe where oil consumption is stagnant. It's looking increasingly to the East," Valery Nesterov, analyst from Sberbank CIB, said.
The speed of changes in export patterns has aroused widespread surprise as it took Russia only five years to re-route huge volumes, previously destined for European markets.