Updated at 16:52,05-06-2020

Belarus wants Russian oil suppliers to revise prices


The prices for the oil Belarus buys from Russia should be discussed, Uladzimir Syamashka, Deputy Prime Minister of Belarus, says.

“Oil prices have plummeted. There are reasons for discussing what prices Belarus has to pay. A working group has been set up, it is carrying out an analysis. The group includes representatives of Lukoil, Surgutneftegas, Gazpromneft, Rosneft and naturally Belneftekhim,” state-run new agency BelTA quotes Syamashka as saying.

Belarus and Russia have agreed that Belarus will get 24 million tonnes of oil in 2016 or 1 million tonnes more than in 2015.

According to Russian mass media reports, earlier the Belarusian oil concern Belneftekhim asked Russian suppliers to revise the pricing formula seeking a discount of at least $5 per tonne.

Meanwhile, Russia needs an oil price jump to balance its budget. For Russia, $30 a barrel will push the economy to depths that would threaten the nation’s financial system, according to 63 percent of respondents in a Bloomberg survey.