Feb 20 • 15:11 UTC 🇬🇷 Greece Naftemporiki

Hungary: Releases 1.8 million barrels of crude oil from its strategic reserves

The Hungarian government plans to release 1.8 million barrels of crude oil from strategic reserves due to disruptions in oil flow caused by drone attacks.

The Hungarian government has decided to release approximately 1.8 million barrels of crude oil from its strategic reserves following a drone attack on the Druzhba oil pipeline at the end of last month. This attack led to a halt in oil flow, prompting the government to take measures to ensure that it can maintain its oil supply. The decision was formalized through a government decree issued late Thursday night.

Hungary and Slovakia are the only two countries in the European Union that possess refineries directly dependent on Russian oil transported via the Druzhba pipeline. Since the flow of oil was interrupted on January 27, both Hungary and Slovakia have been seeking alternative supplies to sustain their energy needs. The countries attribute the delays in the resumption of oil flows to Ukraine, claiming that Ukraine is using political tactics to stall the process.

Hungarian oil company MOL has been granted priority access to the released crude oil reserves, indicating a focus on maintaining critical supply lines amid geopolitical tensions. The situation underscores the broader implications of military conflicts on energy supplies in Europe, which is already grappling with energy security challenges amidst ongoing geopolitical strife and reliance on Russian oil.

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