The majority of Russia’s oil exports are purchased by Europe and China, which together make up 90 percent of the country’s total exports.
This makes it difficult for Europe to enact a Russian import ban similar to that of the United States, mitigating the economic impact of this week’s Biden administration’s decision to cut Russia’s oil on Moscow.
According to the International Energy Agency (IEA), Russia is the world’s largest oil exporter to the world market and the second largest crude oil exporter after Saudi Arabia, with approximately 2.85 million barrels per day in sea lanes and pipelines. I am exporting.
European countries are the largest collective purchasers of their oil, and China is the largest single purchaser of oil nations. In 2021, Europe bought about 42% of Russia’s total oil production, China bought 14%, and 30% remained in Russia.
Other major countries that buy Russian oil include Germany, the Netherlands, the United States, Poland and South Korea.
Russian customers vary, and outside of Europe, most customers, such as China and the United States, come from a variety of sources.
However, European countries that imported about seven times as much Russian oil as the United States in November 2021 were much more dependent on Russian oil imports, and some Eastern European countries were almost completely dependent on Russian oil. I am.
For example, Lithuania accounts for 83% of oil imports from Russia, followed by Finland (80%), Slovakia (74%), Poland (58%), Hungary (43%) and Estonia (34%). increase.
Germany is followed by 30%, followed by Norway (25%), Belgium (23%), Turkey (21%), Denmark (15%) and Spain (11%).
On that list, only Norway has its own substantial oil industry-it is the 13th largest producer in the world-and the 45,000 barrels imported daily from Russia in 2021 are 2 million barrels produced by itself. It has faded compared to the above.
Russia is a major producer, consumer and exporter of coal and natural gas, as well as oil, and the various refined products made from them. According to the IEA, the Russian fossil fuel industry produced 11 billion barrels of oil equivalent energy in 2019.
For many European countries, Russian oil and natural gas are important sources of electricity and heat, and Russian oil is a major source of gasoline and other refined petroleum products.
According to the IEA, the country will export about 54% of coal, 31% of natural gas and 70% of oil in 2019, coal will be exported mainly to China’s electricity and metallurgical industry, and oil and natural gas will be the main. To Europe.