Export of Belarusian oil products falls $1.5 billion

The export of Belarusian petroleum products declined by one-third in monetary terms in the period from January to May 2015 compared to the same period last year.

Belarus exported 7.58 billion tonnes of oil products at $3.16 billion from January to May 2015. The export grew 20.5% in physical terms and fell by one-third ($1.56 billion) in monetary terms.

According to BelaPAN news agency, Belarus exported 2.52 million of diesel fuel in January-May. Deliveries of diesel fuel rose by 28.8% in physical terms and declined by 24.6% in monetary terms.

Belarus exported 1.36 million tonnes of petrol in January-May. The export of petrol increased by 3.7% in physical terms and fell by 31.6% in monetary terms.

According to Belarusian oil refineries, the decline in the export of petroleum products in monetary terms is caused by a decrease in oil prices in the global market.

The amount of exported Belarusian oil, which Belarus produces at home and sells abroad, declined for the same reason.

Belarus exported 672.6 million tonnes of oil in January-May. The export reduced by 0.2% in physical terms and 48.5% in monetary terms.

The Belarusian government expects oil prices to grow in the next few years. According to BelaPAN, the forecast of social and economic development of the country, which the Belarusian authorities are preparing, suggests two variants of developments.

In the best case scenario, oil will cost $70 a barrel in 2016, $75 in 2017 and $80 in 2018. The worst case scenario suggests that oil prices will grow slower – up to $57 in 2016, $61 in 2017 and $65 in 2018.