Serbia has received additional time to maintain the operations of its oil sector, after the US Treasury’s Office of Foreign Assets Control (OFAC) approved a new extension for oil company Naftna Industrija Srbije, now valid until 17 April. The decision comes amid heightened volatility on global oil markets, with prices fluctuating sharply due to geopolitical tensions. Authorities in Belgrade see the extension as a key factor in preserving stability at a sensitive moment for the energy system.
According to the Ministry of Mining and Energy, the country’s main refinery in Pančevo continues to operate normally, ensuring uninterrupted supply of fuel. Officials stress that there is no shortage of petroleum products and that consumers do not need to create additional reserves. The situation has been further complicated by disruptions in crude oil deliveries, which had been absent for an extended period, as well as ongoing instability in the Middle East. Despite these challenges, the domestic market has remained supplied without major disturbances, reflecting a relatively resilient supply chain.
To reinforce stability, the Government has already implemented several measures, including a reduction in fuel excise duties and the planned release of significant diesel volumes from strategic reserves. Additional steps are expected if needed, as authorities aim to keep both supply and prices under control in a turbulent global environment, while maintaining market continuity and energy security.
