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Serbia, Oil imports from alternative sources instead from Russia

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Yesterday, an embargo on the export of Russian crude oil by sea entered into force as part of one of the EU sanctions packages, which also affected Serbia. Practically, there is no longer any possibility of importing Russian oil for our market. However, as experts say, it will not affect us drastically, because until now we have mainly imported Iraqi and Kazakh oil.

As experts tell us, by December 5, 2022, 47 percent was Iraqi oil, while 23 percent was domestic production, 16 percent was Russian oil, 11 percent was from Kazakhstan, and 3 percent was Norwegian oil.

– And in the past, we were 40-50 percent Iraqi, 35 percent Kazakh, some Norwegian, domestic production was smaller, but Russian was certainly the least. Our refinery is designed for all types of oil, energy expert Miloš Zdravković tells Blic Biznis.

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– Russian oil produced on the territory of the Russian Federation will not be able to be delivered via Janaf, while, for example, Kazakhstan will be able or Russian companies operating in Iraq, for example, will be able to deliver oil. But there shouldn’t be any problems with supply because we have reserves for two months, he points out, adding: “Oil is easily replaced on the European market, while Russian gas is more difficult to replace.”

If we look at the current prices, for example, oil from Iraq is sold on the international market at a price of 70.85 dollars per barrel (for Bashar Heavy) and 77.9 for (Bashar Medium), according to the OilPrice website.

Serbia will have to find a way to reach out to other OPEC countries. In addition to the mentioned countries, there are also Algeria, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

Top 10 oil producers * per million barrels per day

  1. USA-16.5
  2. Saudi Arabia-11
  3. Russian Federation-10.7
  4. Canada-5.1
  5. Iraq-4.1
  6. China-3.9
  7. UAE-3.7
  8. Iran-3.1
  9. Brazil-3
  10. Kuwait-2.7
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