Russia has enough coal reserves to last over 100 years, even at current or increased production levels, according to Alexander Kozlov, the Minister of Natural Resources and Environment.
Russia’s total coal reserves are estimated at 273 billion metric tons, with 46.4 billion tons currently being actively mined, as reported by the RIA Novosti state news agency.
Kozlov noted that despite increased production, which reached 392 million tons in 2023, the country’s coal reserves are sufficient to last more than a century. His remarks came ahead of National Miner’s Day in Russia, which will be observed this Sunday.
Following Western sanctions on Russia’s energy exports after the 2022 invasion of Ukraine, Russian coal producers have had to redirect their exports to Asia, often at significant discounts.
However, commodities analysts have observed a decline in Russia’s coal exports to Asia this year due to strong price competition from Indonesia and Australia.
Meanwhile, India overtook China as the largest buyer of Russian oil last month, according to a report, which cited import data from both countries.
In July, Russian crude exports to India hit a record 2.07 million barrels per day (bpd), surpassing the 1.76 million bpd sent to China.
India’s imports of Russian crude increased by 12% compared to the previous year, while China, the world’s largest crude oil importer, saw a 7.4% decline in imports over the same period.
The drop in Chinese imports was attributed to weaker processing margins among refineries and reduced demand for fuel.
Both India and China have taken advantage of discounted Russian oil after the West partially embargoed Russian energy and the G7 countries imposed a price cap of $60 per barrel in response to Russia’s 2022 invasion of Ukraine.
Meanwhile, Russia’s oil and gas revenues have surged, indicating Moscow’s ability to bypass Western sanctions.
“India’s requirement for Russian oil is going to go up as long as there is no further tightening of sanctions,” an official said.
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