The nation has been a major supplier to the region, with a share of more than 20 percent of the oil imports to China and over 12 percent of the imports to India. This is a significant increase from the situation just a few years ago, where Russia accounted for less than 10 percent of the region’s imports.
This has been driven by several factors, including a more competitive pricing policy compared to other suppliers such as Saudi Arabia. Moreover, the Russian government has been actively pushing for deeper ties with Asian nations, making sure that it is the go-to supplier for oil. This is evidenced by the fact that Russia has signed major deals with China and India in recent years.
Moreover, Russia has been actively investing in its own energy sector, allowing it to expand its oil production and refine its products. As a result, it has been able to offer better quality products and services to its customers in Asia.
The Russian government has been actively promoting its oil exports to Asia. It has been investing heavily in marketing and advertising in the region, as well as offering incentives to customers. This has resulted in an increased share of the market.
Overall, Russia has been able to successfully steal market share in the oil sector in Asia, and it looks like it will remain a major supplier in the region for the foreseeable future.