Romania is not facing supply difficulties, and companies in the sector are purchasing fuels at prices aligned with the international market, the Presidential Administration reported on April 6, after president Nicuşor Dan met with prime minister Ilie Bolojan, energy minister Bogdan Ivan, transport and infrastructure minister Ciprian Şerban, and representatives of oil companies OMV Petrom and Rompetrol. 

The purpose of the meeting was to analyse the situation of crude oil and fuel supply in the context of international developments generated by the closure of the Strait of Hormuz, according to a Presidency’s press release.

"Currently, Romania is not facing supply difficulties, and companies in the field purchase fuels at prices aligned with the international market. However, given the dynamic nature of the global context, the president, the government, and partners from the private sector have agreed on a continuous communication mechanism," the Presidential Administration stated.

According to the source, the communication will allow for close monitoring of the situation and the rapid adoption of appropriate measures, if necessary, in full coordination and with an emphasis on stability and caution.

Oil prices rose above the symbolic threshold of USD 110 per barrel on Asian markets on April 6, boosted by the conflict in the Middle East, after US president Donald Trump threatened to target vital Iranian infrastructure.

In Romania, the largest refinery owned by KMG International came online at the end of last month after its scheduled outage coincided with the beginning of the Middle East conflict. However, any problems at the Russian Black Sea port city of Novorossiysk would put at risk the crude oil supplies. 

Explosions were reported on the night of April 6 in Novorossiysk, with residents reporting a drone attack on an oil terminal and damage to a residential building, according to Ukrainian media, cited by Economica.net. The port's Sheskharis oil terminal was hit by drones, the independent Russian news channel on Telegram Astra reported, citing an open-source analysis of footage captured by witnesses.

The port of Novorossiysk is of utmost importance for Russian and Kazakh oil exports, because there are two terminals here, through which Caspian crude oil reaches the market: the CPC terminal (Caspian Pipeline Consortium), which has three offshore loading points, and the Sheskharis land terminal.

Kazakhstan is, in fact, Romania's most important source of crude oil, with more than half of imports, and a blockade of exports could deeply affect us, in the context of the war in Iran that stopped the traffic of oil, fuel, and gas in the Strait of Hormuz.

iulian@romania-insider.com

(Photo source: Inquam Photos/George Calin)