Oil prices hit their highest level since mid-April as OPEC members agreed to extend production curbs. Jelica Putniković, chief and responsible editor of the portal “Energy of Balkans” points out that six reservoirs for the storage of oil derivatives are being built in Serbia, which ensures the supply of a sufficient amount of fuel.
In particular, she emphasizes the importance of the construction of the reversible hydroelectric power plant Bistrica, which will provide additional amounts of electricity production, which means that it strengthens the capacity of the entire electricity industry of Serbia.
Jelica Putniković explains that since April, the price of crude oil has been constantly rising, and that OPEC members, primarily Saudi Arabia and Russia, are saving their income. These are countries that earn money, especially Saudi Arabia, from the sales of oil, gas, but above all crude oil.
She adds that they, like the other countries that are members of the oil cartel OPEC, agree on prices that suit them, and they also try to make sure that the price of oil does not increase enormously, but there are those who speculate on that market as well, as in every trade.
“The price of oil will rise to more than 100, some even said it will be 200 euros per barrel, or 200 dollars per barrel. That is some of the news that is marketed, since the Internet has made it possible to see that news in a minute, two, then people say come on to buy until the price goes up, and there were some disturbances there. Whoever has the goods can sell them, but it’s not like the buyer doesn’t have an influence either,” Putniković points out.
The government still controls the price
She points out that fuel price restrictions are still in force in Serbia, that is, the state controls and determines the highest price. Although some countries have abolished this price control, Putniković states that Serbia is not a landlocked country, which means that we import oil and derivatives, not all and not in large quantities, but we do import them.
Why reservoirs are important
The new energy crisis has forced everyone to think about having a reliable supply and sufficient quantities of fuel, which is why, he emphasizes, tanks for crude oil and derivatives are very important in Smederevo and in Serbia in general.
“Six of those tanks are being built for the storage of oil derivatives. Serbia, let’s say, adopted EU provisions that we must also have crude oil and fuel stocks, that every company that has gas stations must have reserves for five days of its turnover in its reservoirs or leased ones. Now, work has begun to accelerate on fulfilling those conditions, so now I think that some planned level has already been reached,” Putniković believes.
She also states that we will have to import oil, we don’t have enough of it in our deposits. However, she emphasizes that the reserve, even if it is in derivatives at the pumps for those companies for four to five days or crude oil for 60, and the goal is 90 days, means stability, if there is a disruption in the market.
Reversible hydroelectric power plant Bistrica
For the Bistrica reversible hydroelectric power plant construction project, investment technical documentation and a spatial plan of a special purpose area with a strategic environmental impact assessment are underway.
She explained that with a reversible hydroelectric power plant, water is collected in a reservoir, mostly artificially or when the natural course of the river widens to create a reservoir.
“And it is actually the most profitable and cheapest way for now to accumulate electricity. Because actually by saving that water, collecting it, future electricity production is literally stored in that water, which will later be passed through the hydroelectric power plant,” explained the editor.
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