Slovakia and Hungary are seeking alternative routes for Russian oil shipments after deliveries via the Druzhba pipeline ceased on January 27th, according to a report from Topky.sk. The halt in supplies has prompted both countries to request assistance from Croatia, asking that Russian oil be transported through the Adriatic pipeline, in accordance with European Union regulations.
The Slovak Ministry of Economy confirmed that state-owned company TRANSPETROL has repeatedly received updated schedules for the resumption of deliveries from its Ukrainian partner via the Druzhba pipeline, but these have not materialized. The situation remains under negotiation.
The request to Croatia was made jointly by Slovak Minister of Economy Denisa Saková and her Hungarian counterpart Péter Szijjártó, as reported by Topky.sk. Szijjártó stated the request was made to ensure compliance with EU rules.
The disruption in oil supply comes as global oil prices are rising, fueled by concerns over potential disruptions to Iranian oil production. According to HNonline, tensions in the region, including widespread protests in Iran due to the deteriorating economic situation, are contributing to the price increases. Brent crude oil saw a significant rise on Monday, reflecting these anxieties.
Slovakia currently holds approximately 90 days of oil reserves, according to the Ministry of Economy. A commission for oil security convened an emergency meeting on February 17th, convened by the State Material Reserves Administration, to assess the situation.
Meanwhile, negotiations between the United States and Iran continue to influence the oil market, with traders balancing geopolitical risks against the possibility of increased OPEC+ production, as reported by XTB.com on February 16th. The outcome of these talks remains uncertain.
Slovnaft, a Slovak oil refinery, has requested the release of strategic oil reserves, citing the 20-day halt in Russian oil deliveries to both Slovakia and Hungary, according to openiazoch.zoznam.sk.