oil

Hungary granted one-year US sanctions waiver to continue importing Russian energy

Hungarian Prime Minister Viktor Orbán announced that Hungary has secured an exemption from US sanctions on Russian oil and gas, following a meeting with US President Donald Trump in Washington. The waiver allows Hungary to continue importing Russian crude and natural gas via the TurkStream pipeline and the Druzhba oil network, despite the broader sanctions […]

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Region: Slovnaft blames Croatian operator JANAF for crude oil delivery failure, warns of regional supply risks

A planned shipment of 58,000 tons of Arab Light crude oil, scheduled to arrive on 6 November under an existing contract between Croatian pipeline operator JANAF and Hungary’s MOL Group, has been delayed due to what Slovak refinery Slovnaft calls logistical failures by JANAF. The disruption, according to Slovnaft, violates contractual obligations and threatens the

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EU report: Bulgaria must accelerate energy transition and reduce dependence on Russian gas

According to a new report from the European Commission, Bulgaria has made notable progress in diversifying its energy mix but remains significantly dependent on Russian energy imports. The report shows that solid fossil fuels accounted for 21% of Bulgaria’s total energy supply in 2021, down from 37% in 2010. During the same period, the share

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North Macedonia: OKTA reports strong profit growth despite lower revenues in 2025

North Macedonian oil refinery OKTA, owned by Greece’s Hellenic Petroleum, reported a net profit of 7.3 million euros in the first nine months of 2025, up from 2.1 million euros in the same period last year. The company’s sales revenues reached 456 million euros during the period, representing an 18% decrease compared to 2024, while

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Hungary boosts domestic oil production to record levels in bid for greater energy security

Hungary continues to rely heavily on imported oil, but the country is stepping up efforts to strengthen domestic production as part of a long-term plan to improve energy security. According to a study by the Oeconomus Economic Research Foundation, Hungary’s oil output reached a two-decade high of one million tons in 2024 and is expected

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Europe: Brent oil and gas prices stable in late October as OPEC+ confirms production increase

Brent crude oil futures for the Front Month on the ICE exchange reached their weekly high of $65.62 per barrel on Monday, October 27, a level 0.5% lower than the previous week’s closing price. After falling by 1.9% on Tuesday, October 28, the futures hit their weekly low at $64.40 per barrel. Over the following

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Region: Washington rejects request for exemption from U.S. sanctions on Russian oil industry

U.S. President Donald Trump has revealed that Hungarian Prime Minister Viktor Orbán personally requested an exemption from the newly imposed U.S. sanctions targeting Russia’s oil sector. However, Washington rejected the request, reaffirming that the restrictions would apply universally, without exceptions. Trump explained that the decision was based on both economic and national security considerations, emphasizing

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Bulgaria weighs options for Lukoil Burgas refinery amid U.S. sanctions and energy security concerns

Bulgaria is maintaining active coordination with both the European Union and the United States regarding the uncertain future of the Lukoil Neftochim Burgas refinery, said Pavela Mitova, Chair of the Parliamentary Committee on Energy. She confirmed that domestic fuel supplies remain stable and that reserves are sufficient for the coming months, but emphasized that a

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Serbia ensures continuous fuel supply as Pančevo refinery extends operations until November 25

The Serbian Ministry of Mining and Energy has announced that the NIS oil refinery in Pančevo will continue its production and distribution operations until November 25, supported by sufficient crude oil reserves. The decision was confirmed after a session of the Standing Task Force for the National Strategy for Crisis Situations in the Oil Sector.

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Bulgaria imposes temporary ban on fuel exports to EU amid sanctions on Russian oil companies

The Bulgarian Parliament has approved a government-backed proposal to restrict the export of petroleum products to other European Union member states, citing the need to protect national energy security in response to new US sanctions targeting Russian oil companies. The decision follows Washington’s announcement of sanctions against Rosneft and Lukoil, which include freezing their US-based

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