oil

Region: Oil flows to Hungary and Slovakia resume after Druzhba pipeline disruption

Crude oil shipments to Hungary and Slovakia through the Druzhba pipeline have resumed after being disrupted by a Ukrainian strike on Russian infrastructure last week. Both countries remain significantly dependent on Russian crude and continue to seek stable supplies, despite the European Union’s wider push to reduce reliance on Russian energy. Deliveries were interrupted several […]

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Europe: Brent oil, TTF gas and CO2 futures rise amid Ukraine tensions and supply concerns

During the third week of August, Brent oil futures for the Front Month on the ICE market reached their weekly low of $65.79/bbl on Tuesday, August 19, before climbing to a weekly high of $67.73/bbl on Friday, August 22, marking a 2.9% increase from the previous Friday. Early-week optimism over potential peace talks in Ukraine

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Hungary: MOL CEO criticizes EU energy policy, warns against overreliance on LNG plans

MOL Group CEO Zsolt Hernadi has questioned the course of European Union energy policy, arguing that the company’s strong performance is rooted in its refining capacity, logistics network, and retail presence rather than any dependence on Russian crude oil. Hernadi criticized the European Commission’s goal of ending Russian natural gas imports by 2027, calling the

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Serbia: NIS seeks another OFAC license extension amid US sanctions risks

Serbian oil company NIS has formally requested another extension of its operating authorization from the US Treasury’s Office of Foreign Assets Control (OFAC), as the current one-month waiver is set to expire on 27 August. The company has already received five consecutive renewals, each allowing it to continue daily operations while US authorities assess the

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Region: Serbia nears long-term gas deal with Russia, advances oil pipeline project with Hungary

Serbia is nearing the completion of a new long-term natural gas supply agreement with Russian company Gazprom, with only a few details remaining to be finalized. Energy Minister Dubravka Djedovic highlighted that Russian gas played a crucial role in ensuring uninterrupted deliveries to households and industry during the peak of the energy crisis. She emphasized

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Europe: Brent, TTF gas and EU CO2 futures fall amid supply, demand and geopolitical factors

During the second week of August, Brent crude oil Front Month futures on the ICE market remained below $67 per barrel. On August 13, they hit the week’s lowest settlement price of $65.63/bbl, the lowest since June 6. Prices rose on August 14 to the week’s maximum settlement of $66.84/bbl, following a 1.8% increase from

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Region: Russian oil deliveries to Hungary and Slovakia halted after Druzhba pipeline strike

Crude oil deliveries from Russia to Hungary and Slovakia through the Druzhba pipeline were suspended on Monday after damage occurred at a transformer facility, officials from both countries confirmed. The Druzhba route, which passes through Belarus and Ukraine, remains Hungary’s main channel for crude imports and also supplies Slovakia. Hungarian authorities reported being informed that

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Serbia: Pozega fuel depot to expand with two new tanks for the first time since 1999 reconstruction

For the first time since its reconstruction following the 1999 NATO bombing, the fuel storage site near Pozega is set to add two new tanks, each with a capacity of 2,500 cubic meters. The expansion is included in an Urban Development Project currently on public display by the Municipality of Pozega. The Pozega depot originally

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