Novak: Russia does not plan to translate the cost of export oil into rubles
Russia does not plan to switch to exporting oil in rubles, by analogy with gas contracts, said Russian Deputy Prime Minister Alexander Novak. According to the energy agency’s demand watch forecast, global oil demand will rise to 99.4 million barrels per day in the coming year and to 101.6 million barrels per day in 2023.
“Not yet. We have one exporter in the gas industry, but we have many exporters in the oil industry, here the market is quite liberalized, so it is difficult to implement such a mechanism there. There is a mechanism there, upon arrival all exporters are already present – the sale of part of the mandatory foreign exchange earnings on the market,” Mr. Novak said in an interview with the TV channel RBC at the St. Petersburg International Economic Forum.
According to the Deputy Prime Minister, Russian oil companies supply raw materials “to a large number of different countries.” “They have a lot of contracts, including contracts sold at the tender, on a permanent basis for each tanker position, there are fewer such large contracts here. Therefore, in each case, a commercial organization determines an independent currency of payment, as it suits them, along with those large buyers,” added Mr. Novak.
On March 23, Russian President Vladimir Putin instructed Gazprom to regulate payments for the supply of Russian gas with unfriendly schemes of countries in rubles. it was said that about 54 foreign companies that buy gas from Gazprom have opened bank accounts.
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