Report: Oil price fall may help Minsk in oil dispute with Russia

MINSK, Mar 10 (PRIME) -- The recent plunge of oil prices is Minsk’s new chance to settle its oil dispute with Russia, BelTA news agency reported on Monday quoting Belarusian Prime Minister Sergei Rumas.

“This (contraction of oil prices) creates additional opportunities (for Belarus) to make agreements with the Russian Federation today, because the situation that we have today is significantly different from what we had in December or January,” he said as quoted by BelTA.

The oil price fall also has a similar impact on negotiations of Belarus with alternative suppliers of oil.

On March 6, participants of the OPEC+ oil output reduction deal failed to agree on its parameters and on its prolongation. Russia wanted to prolong the deal as it was, while Saudi Arabia wanted a deeper cut. As a result, production restrictions will cease to exist on April 1. Following the announcement, the Brent oil price fell by 28.69% to $32.28 on Monday.

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