Serbian oil company NIS is sourcing crude from a wide array of suppliers, including Norway, Guyana, Iraq, Kazakhstan, and the United States, as it navigates growing geopolitical tensions and ongoing uncertainty in global energy markets. The company says it is closely monitoring developments and adjusting operations to ensure uninterrupted supply.
According to NIS, all of its petrol stations across Serbia remain fully operational and stocked with all fuel types, with no disruptions reported in sales or distribution. The company stated that it has taken the necessary measures to preserve business stability, secure crude procurement, and maintain reliable deliveries to the domestic market.
While concerns have increased over the potential impact of the Middle East conflict on oil supply and fuel prices, NIS has indicated that it continues to operate in line with government regulations, including Serbia’s rules on limiting petroleum product prices. The situation remains manageable largely because the Pančevo refinery has undergone modernization, enabling it to process a broader range of crude grades. This flexibility allows NIS to purchase oil from whichever markets remain accessible and commercially viable.
Historical data show that Serbia has long relied heavily on imported crude, with domestic production covering only a small share of total demand. Although many assumed that Russian oil dominated NIS’s supply mix following Gazprom’s acquisition, imported volumes were primarily sourced from Iraq for years, with Russia representing a smaller but still significant portion, alongside Kazakhstan and Norway.
In 2022, Serbia imported more than 3.2 million tons of crude oil, with Iraq accounting for the largest share. However, the import structure shifted after the outbreak of the war in Ukraine, when NIS temporarily increased Russian oil purchases while reducing volumes from Iraq. This changed again after the European Union introduced its sixth package of sanctions against Russia, banning the purchase, import, and transport of Russian oil. Serbia did not receive an exemption, effectively forcing NIS to stop importing crude from Russia and further diversify its sourcing strategy.
