Russia's crude oil and LNG exports to Asia are forecasted to see only slight declines in 2024, with major Asian buyers continuing purchases despite Western sanctions. China remains a key buyer, while Japan continues to import LNG despite restrictions. South Korea has reduced its crude oil imports, but overall impact on Asia is minimal.
Russia 's crude oil and LNG exports to Asia are expected to decline slightly this year compared to 2023, with major Asia n buyers continuing to purchase Russia n energy commodities that are banned or restricted in the West. The Western sanctions on Russia have had limited impact in Asia , where China continues to import oil and gas at prices it considers appropriate, dismissing U.S. sanctions as unilateral. Asia is projected to import 3.
22 million barrels per day of crude from Russia, a decrease of 5.6% from 2023's 3.41 million barrels per day. For LNG, imports will be down by 1.6% this year, at about 14.93 million tons, according to data compiled by Kpler. South Korea has sharply reduced its crude oil imports from Russia, but Japan continues to buy LNG from Sakhalin-2 LNG as part of a joint venture and considers the supply critical for its energy needs and security. China, the top buyer of Russia’s LNG in Asia, is expected to import essentially the same amount this year as last, at 6.65 million tons versus 6.63 million tons in 2023. The decline in crude oil imports from Russia is largely attributed to a projected drop in China's imports from Russia by around 100,000 barrels per day, amid overall weaker crude imports in China this year
Russia Asia Crude Oil LNG Sanctions Energy Imports Kpler China Japan South Korea
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