Oil Price Hikes: Consequences for Belarus

By Miсhal Zaleski

World oil prices continue their precipitous increase. Having more than tripled in the course of the last five years, they reached the record high levels of up to 110 US dollars per barrel in the first quarter of 2008. Belarus benefited enormously from the price rush, as it increased profitability of oil refining, on which the Belarusian economy heavily depends. Nowadays, however, the further price increases may hurt the economic growth, which will bring the long-overlooked issues of industrial restructuring and energy efficiency back on the economic policy agenda.

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