BRICS Demand for Russian Oil Exceeds Supply Capabilities

The BRICS countries are demonstrating a growing interest in Russian energy resources, including oil, liquefied natural gas, and coal, with demand for oil exceeding available volumes, most of which have already been contracted, according to Roman Marshavin, Russia’s Deputy Energy Minister.

He stated that “BRICS partners are already openly declaring their interest in Russian energy resources, including projects that are under Western sanctions. These include LNG, oil, petroleum products, and coal. For oil, we are faced with a situation where demand exceeds available volumes—everything has been contracted, and there are few new available volumes. We do not see a lack of demand.”

In addition to energy supplies, BRICS partners are also interested in the Russian experience of trading under sanctions, Marshavin explained, saying that since 2022, Russia has been able not only to reorient exports but also to maintain its volumes. He added, “In this regard, Russia is ready to offer its assistance to create a joint economic infrastructure. If we create a system that is invulnerable to external influence, and we have our own payment mechanisms and logistics, then there will be no need for US dollars and Western ratings.”

The annual BRICS summit takes place on July 6/7 in Rio de Janeiro.