Russia Boosts Oil Sales to China, Japan, South Korea – Reports

According to a report, Russia increased its portion of global oil shipments to Asia to 8.7 percent in 2014 from 7.2 percent in 2013 by boosting its sales to China.

MOSCOW, February 18 (Sputnik) – Russia increased its portion in global oil shipments to Asia to 8.7 percent in 2014 from 7.2 percent in 2013 by boosting its sales to China, Japan and South Korea by 25 percent, Bloomberg reported Wednesday citing government data.

In 2014, Russia sold approximately 51 million cubic metric tons of crude to South Korea, China and Japan, Bloomberg said.

Meanwhile, Saudi Arabia's market share in the Asian oil market decreased from 26 percent to 24 percent.

Currently, the Gulf oil exporters are offering high discounts for Asian buyers due to the global decline in crude prices, caused by market oversaturation. Asia is now seen as one of the most attractive oil consumers, as European demand decreases and the United States increases its usage of its own shale gas.

Russia's Eastern Siberia-Pacific Ocean pipeline (ESPO) takes oil from Siberia to Russia's east coast, making crude shipments to Asia on tankers faster and more effective. Earlier this year, Russia's Rosneft signed a contract with the China National Petroleum Corporation for 325 million tons of crude to be supplied to China over the next 25 years.