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OIL: Hungary Won’t Suffer Any Oil Shortages: Mol CEO

OIL

Hungary won’t suffer any oil shortages because of Ukraine’s decision to block Lukoil crude transiting via the southern leg of the Druzhba pipeline, said Mol CEO Zsolt Hernadi cited by Bloomberg.

  • “Let’s not cause panic,” Hernadi said. “I don’t think this will lead to an actual shortage.”
  • Hungary has 90 days of strategic reserves and can also buy Russian crude via Croatia, Hernadi said. The country is better off having more options for importing crude, he said.
  • The comments counter assertions by the governments in Hungary and Slovakia, which called on the EU to help resolve the situation. Hungary claims cost would be significantly higher imported via Croatia.
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