oil

Serbia: Fuel supply highly dependent on Pančevo refinery amid sanctions on NIS

According to the latest IMF country report, Serbia’s fuel supply remains heavily reliant on the Pančevo oil refinery, which meets roughly four-fifths of domestic demand. The report notes that replacing NIS’s distribution network with imported fuels would face significant logistical challenges, particularly the lack of oil pipelines connecting Serbia to refineries in neighboring countries. The […]

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Serbia pursues NIS ownership talks to lift US sanctions and ensure fuel stability

Serbian energy authorities have confirmed that ongoing discussions are underway regarding a potential change in ownership at oil company NIS, as efforts continue to resolve US-imposed sanctions on the company. According to the Ministry of Energy, the talks involve Russian majority shareholders and Hungary’s MOL, which is being considered as a potential buyer of the

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Beyond barrels: How infrastructure, refining power and geopolitics decide oil reality in South-East Europe

Oil in South-East Europe is not simply about consumption, demand curves, or refinery margins. It is about who controls access points, who commands refining capability, who manages pipelines and terminals, and who operates under which geopolitical influence. Unlike electricity, which is tied to internal generation and balancing, and unlike gas, which is dominated by dependency

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Oil in SEE and Europe’s strategic transition: Between old dependencies and a future that is already changing

Europe’s energy transformation is most visible in electricity markets and gas security strategies. But underneath those headline developments, another strategic system continues to shape economies, geopolitics and vulnerabilities: oil. Unlike gas, oil has not disappeared from Europe’s energy conversation. Unlike electricity, it cannot be redesigned via market rules into cleaner form. Oil remains physical, global,

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Serbia: US extends NIS negotiation license amid fuel supply challenges

The US Treasury’s Office of Foreign Assets Control (OFAC) has issued a new license to Serbian oil company NIS, allowing negotiations on the sale of the Russian ownership stake to continue until 24 March. However, the license does not permit regular business operations during this interim period. The decision provides additional time for discussions but

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Montenegro plans strategic diesel purchases for 2026 to strengthen fuel reserves

Montenegro is preparing a new round of strategic fuel purchases in 2026, allocating between €9 and €12 million to secure additional diesel supplies as part of its mandatory reserve system. The plan envisions acquiring roughly 12,000 to 16,000 tons of diesel, with final volumes and costs dependent on market prices and available funding. Government estimates

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Romania: Constanta Oil Terminal plans strategic upgrade to expand fuel logistics and strengthen regional energy security

Romania’s Constanta Oil Terminal is preparing a strategic shift to expand its role in fuel logistics, as the operator of the Black Sea state-owned facility moves to accommodate imported petrol for both domestic distribution and deliveries to neighboring markets. The company has outlined a development plan focused on upgrading infrastructure and expanding operational capabilities. Key

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Croatia: Rijeka refinery nears completion after major modernization, diesel output set to rise

Croatia’s Rijeka oil refinery has entered the final stage of a large-scale modernization, with construction of the main facilities now complete and extensive testing underway ahead of a planned launch in the first quarter of 2026. The upgrade includes the completion of the heavy residue processing unit and supporting infrastructure, such as a newly built

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Global energy commodities in mid-December: Brent oil, TTF gas and EU CO₂ futures show volatility

During the week of December 15, Brent crude oil futures for the Front Month on the ICE market experienced fluctuations, reaching their weekly maximum settlement price of $60.56 per barrel on Monday, December 15. This represented a slight 0.9% decline compared to the last session of the previous week. Prices continued to fall, hitting the

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Region: JANAF and MOL explore major expansion of crude oil transport amid geopolitical shifts

Discussions between Croatia’s oil pipeline operator JANAF and Hungary’s MOL Group have entered a new phase following a closed-door meeting last week in Budapest. Relations between the two companies have reportedly shifted noticeably, with MOL showing readiness for a substantial expansion of oil transport for the first time. The meeting focused on the potential to

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