Oil stops flowing through Belarus

Marketplace Staff Jan 8, 2007


MARK AUSTIN THOMAS: Russian oil supplies running through a pipeline in Belarus have been halted. This comes in the middle of an ongoing trade dispute between the two countries. Stefan Bos reports from Budapest, Poland, Germany and the Ukraine have been affected the most.

STEFAN BOS: The Interfax news agency says Belarus has ordered a halt to deliveries of Russian oil that goes through its territory to Poland, Germany and Ukraine.

Poland says its two biggest refineries are completely cut off. The country is trying to supply oil by sea. Similar problems have been reported in Germany and Ukraine.

The latest troubles at what is known as the “Friendship Pipeline” running through Belarus come amid a major trade dispute between Moscow and Minsk.

Russia imposed duties on oil sales to neighboring Belarus, doubled Russian gas prices from $47 to $100 and banned imports of Belarusian sugar. Today news has sent oil prices above $57 a barrel.

In Budapest, I’m Stefan Bos for Marketplace.

THOMAS: Meanwhile OPEC countries are pondering further action to stabilize oil markets after the $5 slide last week.

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