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Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower.

South Korea's third largest refiner, S-Oil Corp, has suspended production of several processing units after a blast at its Onsan refinery.

Among the 27 EU member states, Hungary is the most vocal critic of the planned embargo on Russian oil.

India's Oil Minister Hardeep Singh Puri told the World Economic Forum in Davos on Tuesday that a crude oil price of $110 a barrel was not sustainable

Diesel supply has become a global concern since sanctions against Russia reshaped fuel trade and sent international inventories to historic lows.

Without elaborating further, the official added that no final decision had been taken and all possible ways to pay for goods were still under discussion.

Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters.

The plant is operated by privately-owned company Iniciativas Bioenergeticas which produces biodiesel and glycerine there from recycled vegetable oils.