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Hungary Could Raise Crude Production Amid Discovery

OIL

Hungary’s MOL announced the discovery of crude oil on the outside of Budapest, which could boost the country’s crude production by 5%, according to Bloomberg.

  • Production at the new well will start with 600 b/d, but is expected to rise to 700-1,000 b/d in the future.
  • The discovery could boost MOL’s hydrocarbon production by around 10% and total crude output in Hungary by 5%.
  • Last week, MOL curtailed fuel supply to some retailers, after Russian oil deliveries significantly declined since the shutdown of the Druzbha pipeline.

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