In accordance with the agreements reached between the countries earlier in the year the United States began delivery of oil to Belarus. This was stated by Minister of foreign Affairs of Belarus Vladimir Makei, reports the press service of the foreign Ministry of Belarus.
“Pleasure to confirm the beginning of deliveries of oil from USA to Belarus,” said Mackay.
According to the Minister, supply arrangements reached during the visit to Belarus on 1 February this year, Secretary of state Mike Pompeo and his meeting with President of Belarus Alexander Lukashenko.
The Minister stressed that the implementation of the us oil supplies is part of the government strategy to diversify sources and ensure stable operation of the oil refinery complex of Belarus in 2020 and subsequent years.
“We consider cooperation with the US in the oil sector as an essential element of the energy security of the state, as an important part of the potential of trade and investment cooperation, which the parties develop, and safeguarding the sovereignty of our country in the economic sphere,” said Mackay.
He added that Belarus is working with the American side “to further develop bilateral economic ties.”
April 27, first Deputy Prime Minister Dmitry Krutoy said that the oil refineries of Belarus uploaded nearly 100%.
On 20 April the price of may futures WTI for the first time in the history became negative (fall in the value of contracts with maturity in June and later was a minor). According to the Agency Reuters, 20 APR quotations fell to minus $40 per barrel. It also triggered the collapse of prices on the European spot market (prisoners in this market contracts are executed immediately). The estimated price of the Russian benchmark Urals oil fell to minus $3 per barrel of North sea benchmark Brent crude to minus us $3.5.
The rapid fall of oil prices caused a record drop in demand for hydrocarbons because of the pandemic coronavirus, and the ensuing economic crisis and fears of traders that storage facilities will soon be filled.
Thus progress in early April, the agreement OPEC+ on the reduction of oil production to 9.7 million barrels per day in may and June, which is about 10% of the total placed on the market of raw materials, strong impact on the stock did not have. As the Agency Reuters, this is not enough to compensate for the overabundance of raw materials on the market.