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Looming fuel shortage in Hungary? Oil reserves at historic low, quantity limits introduced
According to the latest data, Hungary’s security oil reserves have never been this low in the past decade. Holtankoljak.hu reports that more fuel stations have introduced volume restrictions than those that have not. Is a devastating fuel crisis looming in Hungary?
Fuel supply crisis on the horizon?
Pénzcentrum notes that more pumps have imposed fuel restrictions than those that have not. Holtankoljak.hu warns that the government-imposed price caps may jeopardise fuel supply in the long term. CEO Eszter Bujdos explained that importers have no interest in operating at a loss. This mirrors the previous fuel crisis from 2021 to 2022, when imports plummeted drastically. The current situation is even more concerning, as MOL’s Százhalombatta refinery is not operating at full capacity following the October fire.
Moreover, MOL’s Bratislava (Pozsony) refinery cannot supply the shortfall, as it no longer receives oil from Russia via the Druzhba pipeline. Consequently, MOL’s 70% supply is not assured, while the remaining 30% is entirely uncertain.
Central Europe regularly faces diesel shortages
For instance, in Slovenia, market players can sell fuel for more. As a result, they have little incentive to import it to Hungary and incur losses rather than pursue profitable business elsewhere.
MOL CEO Zsolt Hernádi has stated that Central Europe regularly grapples with diesel shortages. In any fuel crisis, diesel would be affected first. From Wednesday, the diesel price will surpass the psychological barrier of HUF 700 per litre. However, drivers with Hungarian number plates will pay only HUF 615 per litre under the government’s price reduction scheme.
Oil reserves at historic low
G7 reports that Hungary’s strategic oil reserves have hit a historic low. MOL exhausted its own reserves by mid-February and requested access to the state’s strategic stockpile from the Energy Ministry. It received 250,000 tonnes—40% of the reserve. By 28 February, Hungary had just 487,000 tonnes of oil left.
To avert shortages, the government tapped the reserves in 2022—but only for diesel, releasing 40% of that stock (equivalent to 610 million litres of diesel and 352 million litres of petrol).
G7 anticipates that the government will soon release more reserves, given the Druzhba pipeline’s inactivity. The outlet did not specify when a general shortage might occur in Hungary.
If you missed our previous articles concerning fuel price and shortage:
- Orbán cabinet introduces additional measures amid looming fuel crisis
Featured image: illustration. Shortage in Peru following the rupture of a Camisea project pipeline.
All together please, lets blame ukraine! 😀
Of course, or perhaps it’s the EU, Brussels, the West, Germany, Poland, and other unpatriotic scoundrels. The Hungarian government, of course, is as always completely innocent. ðŸ˜
DIE WELT reports:
“Of course, we cannot accept it when someone – even in an emotional moment – ​​addresses a head of government of a member state of the European Union inappropriately,” said EU Council President Costa.
Ukraine has accepted the European Union’s offer of technical and financial assistance to repair the damaged Druzhba pipeline, Costa announced.
According to a letter from Zelenskyy, Ukraine intends to repair the pipeline by the beginning of May. He expects the damaged pumping station to be operational “within a month and a half,” he writes in a letter to Brussels, which the EU Commission published on Tuesday.
Will Hungary’s existing reserves be sufficient until then?
That’s what you get when you make yourself vulnerable by depending solely on Russian oil. Suck it up Ruszki comrades!
Iraq has agreed with Kurdistan to resume oil exports through a pipeline that passes through Turkey, among other places. The first deliveries will be today.
According to Bloomberg.
According to Iraqi Oil Minister Hayyan Abdul-Ghani, oil deliveries will resume Wednesday at 10:00 local time. Meanwhile, the Kurdistan government has also confirmed the resumption of supplies.
The publication explains that the pipeline – which carries exports from the Kurdistan and Kirkuh fields to Turkey’s Mediterranean port of Ceyhan – is far from the conflict-ridden Persian Gulf. Shipments through it were halted in early March as part of a series of preventive actions.
Abdul-Ghani said earlier that Iraq was capable of shipping at least 150,000-200,000 barrels of oil a day from Kirkukh, as well as 210,000 barrels a day from Kurdistan via the northern pipeline.
Iraq’s current oil production is between 1.3 and 1.4 million barrels per day, down from 4.3 million barrels before the closure of the Strait of Hormuz.
Anybody else missing @mouton, @michaelsteiner and @mark ? I mean. Would love to read how they interpret this !
And crickets from our Politicians as to why the prices are skyrocketing – “Peace!” “No War!”
Of course in such articles you dont hear a word from them 😂😂
This is when a world criminal convince a stupid leader to wage a war!