16th Oil Forum in Belgrade Concludes with a Call for Urgent Action

Belgrade, 16 October 2024 - The 16th Energy Community Oil Forum in Belgrade concluded today with a strong call for Contracting Parties to quickly implement the Oil Stocks Directive and modernise their oil sectors to align with global sustainability goals.

This in-person event attended by nearly 100 participants, brought together government officials, industry leaders, and international organisations, highlighting both the enduring role of oil in energy security and the pressing need to pivot towards more sustainable energy systems in the context of decarbonisation efforts.

A central focus of the Forum was the urgent need for compliance with the Oil Stocks Directive (Directive 2009/119/EC). The Energy Community Secretariat stressed the need to maintain emergency oil reserves to prevent supply disruptions. While Serbia and North Macedonia have made progress, many countries still fall short of the required 90-day reserve threshold.

Participants were encouraged to integrate cleaner technologies and improve energy efficiency throughout the oil supply chain. This approach, coupled with full compliance with the Oil Stocks Directive, is essential for ensuring long-term energy security while contributing to global climate goals.

Artur Lorkowski, Director of the Energy Community Secretariat, highlighted the urgency of this transformation, stating: “Reducing emissions and environmental impact across the sector is essential for maintaining the industry's viability in a low-carbon world. This is not just about compliance - it's about future-proofing the sector.”

The Forum featured key discussions, including:

• David Martin from the International Energy Agency presented insights on the evolution of oil supply and demand dynamics through 2030.
• Antony Lagrange from DG ENER addressed EU preparedness in the oil sector for 2024-25.
• Adrian Jasimi from the Energy Community Secretariat outlined the current state of implementing the Oil Stocks Directive.

The Forum highlighted the importance of the Methane Guiding Principles (MGP) Initiative, aimed at reducing methane emissions in the oil and gas sectors. The Energy Community Secretariat is prepared to support the Global Methane Pledge, joined by all nine Contracting Parties, and to coordinate efforts among the oil industry, NGOs, and stakeholders committed to best practices.

The event acknowledged Ukraine's progress in aligning with European energy legislation. Despite war challenges, Ukraine is advancing its oil reserve system, demonstrating commitment to energy resilience and European integration.

The Secretariat remains committed to assisting Contracting Parties with technical support to address compliance gaps and promote a sustainable oil sector and facilitate the transition to a more sustainable oil sector.

As the Forum concluded, participants emphasised the urgent need for action, with the next event scheduled for September/October 2025.