Energy security in focus at Belgrade Oil Forum

Opening the Energy Community Oil Forum in Belgrade, Deputy Prime Minister and Minister of Mining and Energy of Serbia, Prof Dr Zorana Mihajlovic, underlined the importance of supplier diversification, a well-functioning energy market and infrastructure as well as regional cooperation under the Energy Community as critical for ensuring security of energy supply. 

As Europe heads into the most challenging winter in decades, the Forum discussed the level of preparedness of the oil sector in the Energy Community Contracting Parties in the event of an oil supply disruption. Compliance with the Oil Stocks Directive, which requires emergency stocks of crude oil and/or petroleum products, was discussed in detail. 

The Secretariat welcomed the progress made by Serbia and North Macedonia in transposing and implementing the Oil Stocks Directive and offered to work closely with all Contracting Parties to ensure a sufficiently high level of storage is reached. 

The Forum also explored how the oil sector needs to adapt to the new energy reality and respond to the challenges posed by the energy transition and aligning with the European Green Deal.