Uzbekistan Increases Russian Oil Imports by 550,000 Tons

Uzbekistan's oil and gas company Saneg plans to import approximately 550,000 tons of Russian oil by the end of 2024, significantly increasing its imports from 154,300 tons in 2023. This surge in imports aligns with a broader trend, as the trade turnover for oil and related products in Uzbekistan reached $1.8 billion from January to August 2024, up 80% from the previous year. Meanwhile, Russia is actively looking to boost coal exports to India, which has seen a sharp rise in demand for coal amid power generation needs. India's coal production reached a record high of 997.8 million metric tons, with 75% of its electricity generated from coal, prompting increased imports, including 26.2 million tons from Russia last year. Despite strong economic ties, India remains cautious about engaging in projects subject to Western sanctions, such as Russia's Arctic LNG 2 project. This dynamic highlights the ongoing shift in global energy trade relationships, particularly as Russia seeks to strengthen its presence in Asian markets.