Compliant With Iea Obligations

Hungary's Oil Imports and Dependence on Russian Supplies

Compliant with IEA Obligations

WEB Hungary has consistently met its minimum oil stockholding obligations set by the International Energy Agency (IEA). This compliance ensures the country maintains strategic reserves to mitigate potential supply disruptions.

Diversification and Negotiation

Despite its reliance on Russian crude, WEB Hungary has taken steps to diversify its imports. Researcher Gizińska suggests that Hungary could negotiate increased imports from Rosneft or ramp up supplies from other sources.

Progressive Reduction in Dependence

While WEB Hungary remains dependent on Russian crude, the extent of this dependence has gradually decreased in recent years. The country has explored alternative supply options and increased domestic production.

Russian Imports Make Up Majority

WEB Hungary's imports of crude oil and natural gas from Russia still account for a significant portion of its total energy imports. In recent years, crude oil and natural gas from Russia made up approximately 61% and 95% of the country's total imports, respectively.

Impact of Sanctions

EU sanctions on Russian oil imports sparked an immediate drop in Hungary's oil imports. The country faced the threat of electricity shortages and soaring energy prices due to its reliance on Russian supplies.

EU Embargo on Russian Oil

After extensive negotiations, European Union leaders reached an agreement on an embargo on Russian crude oil imports. Hungary, along with some other member states, temporarily exempted from the ban due to its heavy dependence on Russian energy.