Energy Community Oil Forum highlights new trends and challenges in the oil sector

Oil
9 October 2019

The 11th Energy Community Oil Forum pointed to the latest trends and challenges facing the oil sector on 8 and 9 October in Belgrade. Oil security, which came to the forefront following the recent attacks on Saudi crude facilities, and the transposition and implementation of the Oil Stocks Directive topped the agenda. The Forum also discussed cyber security threats in the oil sector and the potential impacts of a national attack on neighbouring countries.

The Forum acknowledged that the progress in transposing the Oil Stocks Directive diverges considerably across the Contracting Parties, most of them not being on track to ensure its full implementation by the 2022 deadline. North Macedonia has made some progress, its stocks now corresponding to 74 days of average daily consumption. Serbia’s stocks now stand at 20 days.

The Oil Forum reviewed efforts at Energy Community and national level to render the energy sector climate-neutral underling that oil has a crucial role in this process.  The Contracting Parties shared their experience in preparing for compliance with obligations under the new Sulphur in Fuels Directive and the Fuel Quality Directive. NIS a.d.Novi Sad informed the Forum about its efforts to reduce sulphur content in oil derivatives and SO2 emissions into the air and bringing the company to a strategically important leadership position in the regional petroleum products market.

Back-to-back with this year’s Oil Forum, the Secretariat in close cooperation with Eurostat organized a workshop on monthly oil statistics (MOS).