In November 2025, gas supplies from Russia to Europe via the “Turkish Stream” pipeline increased by 9.3% compared to the same period last year, reaching 54.3 million cubic meters per day. Compared to October, the export level remained stable. Overall, for the month, the Russian Federation transported 1.63 billion cubic meters of gas to Europe through Turkey.
This is reported by Business • Media
Forecasts for Gas Exports and Market Dynamics
According to preliminary estimates, in 2025, Gazprom’s supplies to Europe may decrease by 44% to around 18 billion cubic meters. This is due to the loss of transit through Ukraine. However, for the current year, gas exports via the “Turkish Stream” have already increased by 7.2%, reaching 16.3 billion cubic meters. For comparison, from January to November 2024, Russia exported 29.2 billion cubic meters of gas to Europe, and a total of about 32 billion cubic meters for the year. In the peak market years of 2018-2019, this figure reached 175-180 billion cubic meters per year.
Increase in Oil Supplies to China and Resumption of Purchases by India
In October, Russia increased oil exports to China by 11% compared to September, bringing the volume to 9.11 million tons. In monetary terms, this amounted to $4.38 billion, and October’s import of Russian oil by China became the highest monthly figure in 2025. After ten months, Russia remained the leader among oil suppliers to China with 83.15 million tons, which is 8.1% less than the previous year. Following are Saudi Arabia (66.6 million tons, +1.9%), Malaysia (56.03 million tons, -1.3%), Iraq (54.33 million tons, +2.5%), and Brazil (36.8 million tons, +2.5%).
At the same time, Indian oil refineries Indian Oil Corp. and Bharat Petroleum Corp. have resumed purchases of Russian oil for delivery in January 2026. This has been made possible by the expansion of discounts and increased supply from sellers not subject to Western sanctions. It is expected that the oil will be supplied at a discount of about $5 per barrel (in November, the discount was $3 per barrel). Analysts predict that India’s total purchase volume is unlikely to exceed 600,000 barrels per day, with about half of this volume coming from the sanctioned Nayara Energy Ltd. refinery, which is partially owned by Rosneft.
The agreement concerns unspecified volumes of supplies at a discount of about $5 per barrel (last month the discount was $3).