Until this year, Serbia primarily imported most of its oil from Iraq, but the import structure has shifted significantly in 2025. According to data from the Ministry of Mining and Energy provided to Danas, Kazakhstan has become the largest supplier, accounting for nearly 60 percent of Serbia’s oil imports, followed by Nigeria and Guyana. The share of Iraqi oil has decreased notably.
Last year, Iraqi oil made up about 42 percent of total imports, with Kazakhstan supplying 33 percent and Azerbaijan 21 percent, the Ministry stated. The Ministry explained that the Oil Industry of Serbia (NIS), as the sole oil importer in the country, purchases crude oil based on market prices.
“Since the beginning of this year, most crude oil imports have come from Kazakhstan, demonstrating that imports follow market conditions and supply availability. NIS remains the exclusive importer, ensuring the Pančevo refinery receives the necessary quantities from various suppliers offering the best market terms,” the Ministry told Danas.
Historically, Iraqi oil accounted for a significant portion of imports. According to the Energy Agency, Iraq supplied 64 percent of Serbia’s oil in 2021 and 52 percent in 2022.
Information indicates that until 2022, NIS imported Kirkuk-type Iraqi oil, mainly transported by pipeline through Turkey. From 2023, NIS shifted to importing Basrah Medium crude from Iraq, which is shipped through the Strait of Hormuz. The Strait of Hormuz is a critical chokepoint, with about 20 percent of the world’s oil and 33 percent of liquefied natural gas passing through it.
Recently, tensions rose due to the conflict between Israel and Iran, raising concerns about the potential closure of the Strait of Hormuz and its impact on oil supplies, including those for Serbia. Early reports this morning indicated a truce was reached between Iran and Israel, calming the oil market and lowering crude prices by about 10 dollars per barrel. However, violations of the ceasefire by both sides have left the situation uncertain.
The new oil import structure provides some reassurance that Serbia, through NIS, is less dependent on oil transported via the Strait of Hormuz.
