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.
|October, 15, 12:30:00|
|October, 15, 12:25:00|
|October, 15, 12:20:00|
|October, 15, 12:15:00|
|October, 15, 12:10:00|
|October, 15, 12:05:00|
GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.