Saudi Arabia replaced Russia. It became the main supplier of oil

According to the balance of payments for the second quarter, fuel supplies from Russia were replaced by imports from Saudi Arabia, Denmark and Norway. Arab oil supplies accounted for 49.0 percent. all imports. Imports from Denmark also increased significantly, thanks to the launch of the Baltic Pipe pipeline in the fourth quarter of 2022, which transports natural gas. The value of imports from Norway more than doubled compared to the previous year.

Russia reduces exports

While European countries are gradually cutting themselves off from supplies of Russian raw materials, Moscow is deciding to reduce the volume of exported oil.

Russia confirmed that it will continue to cut oil exports by 300,000 tonnes in October. barrels per day and plans to maintain this reduction until the end of the year. The reaction to this announcement was a decline in crude oil prices on global markets.

Sanctions on Russia

It is not news that Russia has problems with selling its crude oil and refined products, or even with deliveries to the domestic market. The Kremlin hopes that the ban on fuel exports, which will result in higher prices on the global market, will help solve this trade problem.

Business Insider reminded in September that Russia was the largest exporter of diesel by sea in 2023, overtaking the USA. Between January and mid-September, daily exports amounted to approximately one million barrels. The fuel was delivered, among others, to Turkey, Brazil and Saudi Arabia. However, these supplies will disappear from the global market – as of September 21, there is an indefinite ban on the export of diesel and gasoline introduced by Russia.