Belarus to receive 250 thousand tons of Azerbaijani oil this month

The price of oil fell below $ 28 per barrel for the first time since January 2016. The world markets are concerned. Iraq called for an emergency meeting of OPEC+ countries. At the beginning of March, the oil exporting countries failed to agree on reduction of raw material production.

It led to a 30% drop in prices. However, the Belarusian government noted that the new price situation could be used in search of alternative sources of oil. Active work in this direction is already underway. Thus, this month Belarus will receive 250 thousand tons of Azerbaijani oil. Two tankers have already arrived at the port of Odessa, the raw materials are delivered to Mozyr Refinery via oil pipeline. The third ship is awaited by the end of the week. Four more oil tankers from traders are arriving at the port of Klaipeda. In March, Belarus will receive about one million tons of raw materials from various sources.

Work with alternative suppliers will continue. Now the oil market has a rare combination of several factors, excess of raw materials and reduction of its consumption due to coronavirus. Prices are likely to continue to fall. Experts assess this as an appropriate moment to find new suppliers.