Russia has agreed to ship 23 million tonnes of crude oil to Belarus this year, more than in 2013, a spokeswoman for Russia's Energy Ministry said on Friday, in a sign of thawing relations between the two countries.
The increase in supplies to Belarus is likely to put upward pressure on prices of Russia's Urals crude blend.
Last year, Russia supplied 21 million tonnes of crude to Belarus and threatened to cut supplies after the two became embroiled in a dispute over potash.
The spokeswoman for Russia's Energy Ministry said Russia would supply 21 million tonnes of oil (420,000 barrels per day) to Belarus via a pipeline and 2 million tonnes via railroad this year.
Belarussian President Alexander Lukashenko has not openly supported Moscow's recent actions in Ukraine, but he has said that the annexed Crimea peninsula is "de-facto Russian territory".
Earlier on Thursday, Lukashenko signalled to Russian potash producer Uralkali that he was interested in ending a nine-month dispute that has hurt both sides.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.