oil

Serbia advances energy security with new gas pipelines and oil supply diversification

Serbia plans to build two new gas pipelines over the next three years, connecting the country to North Macedonia and Romania. These projects, supported by the European Union, aim to strengthen Serbia’s energy network and diversify its gas supply routes. The pipeline to North Macedonia will link Serbia to the Trans-Anatolian (TAP) pipeline, providing access […]

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Bulgaria: Consumer Protection Commission launches investigation into Lukoil fuel pricing practices

The Consumer Protection Commission (CCP) has launched a thorough investigation into the pricing strategies used by Lukoil for its fuel sales, with the aim of determining whether consumers’ economic interests have been adversely affected in the retail fuel market. This decision follows a joint exchange of information between the CCP and the Commission for the

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Europe: Brent oil, TTF gas and CO2 prices decline amid economic uncertainty and supply adjustments

During the last week of May, settlement prices for Brent oil futures for the Front Month on the ICE market remained below $65 per barrel. The highest settlement price of the week was recorded on Tuesday, May 28, at $64.90 per barrel. Prices then declined, reaching the weekly minimum of $63.90 per barrel on Friday,

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Europe: Brent oil declines, TTF gas rises amid supply disruptions, CO2 prices hold above €70 in late May

Brent oil futures for the Front Month on the ICE market reached their highest settlement price of the week on Monday, May 19, at $65.54 per barrel. After that, prices declined, hitting the weekly low of $64.44 per barrel on Thursday, May 22. By Friday, May 23, prices had slightly recovered by 0.5 percent from

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Hungary: MOL and MVM forge strategic oil partnership to strengthen Central Europe’s energy security

MOL Group and MVM Group have launched a strategic oil trading partnership aimed at expanding and stabilizing energy supply for Central Europe, particularly for landlocked countries like Hungary and Slovakia. The collaboration seeks to increase the volume of non-Russian crude processed in MOL’s refineries by up to 160,000 tons annually, contributing to regional diversification goals.

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Europe: Energy commodity prices remain volatile in mid-May amid geopolitical and market influences

During the third week of May, Brent crude oil futures for the Front Month on the ICE market consistently settled above $65 per barrel in most trading sessions. The highest settlement price of the week was recorded on Tuesday, May 13, at $66.63 per barrel—the highest level since April 26. However, prices began to decline

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Montenegro launches renewed tender for reconstruction of Bar oil storage facilities

Montenegro’s Ministry of Mining, Oil and Gas has issued a new tender for the reconstruction of state-owned oil storage facilities in the coastal city of Bar. The project, aimed at securing the country’s mandatory oil reserves, is estimated at 1.8 million euros and will be financed through European Union funds. The Bar storage site, with

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Energy markets rise in early May: Brent, TTF gas and CO₂ prices climb on global demand and trade optimism

During the second week of May, Brent crude oil futures for the Front Month on the ICE market showed a notable upward trend. On Monday, May 5, futures settled at a weekly low of $60.23 per barrel, the lowest level since February 6, 2021. However, prices increased steadily over the following sessions, reaching $63.91 per

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Hungary criticizes EU plan to end Russian energy imports by 2027

Hungarian Foreign Minister Péter Szijjártó has strongly opposed the European Commission’s newly unveiled plan to phase out all imports of Russian gas, oil and nuclear fuel by the end of 2027. The proposed strategy, aimed at eliminating the EU’s dependency on Russian energy, has sparked backlash from Budapest, which relies heavily on Russian supplies. Szijjártó

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