BELARUS NEWS AND ANALYSIS

DATE:

09/01/2007

IEA Wants Resolution From Russia, Belarus

Associated Press

A trade row that has led Russia to halt delivery of oil to Europe via Belarus does not immediately threaten supplies, the International Energy Agency said, but it called for a quick resolution to the dispute.

The statement by the Paris-based agency was issued Monday shortly after Russia stopped pumping oil to Europe via a pipeline that crosses Belarus, claiming that its neighbor was siphoning off oil. The dispute was triggered by a Russian decision to impose hefty duties on oil exports to Belarus.

The IEA, which acts as a policy adviser to 26 mostly industrialized countries, said it was in close contact with countries affected by the dispute over the transit of oil through Belarus and was closely monitoring the situation. The pipeline carries oil to Germany, Poland, Hungary, the Czech Republic and Slovakia.

The statement said there is "apparently no immediate impact to any of the refineries in the countries involved" and "no threat that product supplies to the end-users will be disrupted."

However, the IEA called for a "quick and clear resolution to the disruption."

An average of 1.2 million barrels of crude oil transits through the pipeline per day, the IEA said.

In the event of a prolonged crisis, alternative routes could be used to source oil supplies. In addition, strategic reserves can be drawn upon in coordination with the IEA, the statement said. "But reports from the different countries and companies currently indicate that the market is quite capable of handling this situation," it added.

Source:

http://www.forbes.com/feeds/ap/2007/01/09/ap3312204.html

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