Hungary Activates Strategic Oil Reserves Amid Druzhba Pipeline Disruption

In response to halted oil flows from a drone attack on the Druzhba pipeline, Hungary's government plans to release 1.8 million barrels from its strategic reserves. The attack on January 27, attributed to Russian forces by Ukraine, has left Hungary and Slovakia, the EU's key users of Russian oil, in a supply scramble.

Hungary's oil company MOL will have priority access to the released reserves until mid-April, with the obligation to replenish them by late August, as per a recent government decree. The nation currently holds sufficient reserves to last 96 days, based on the Hungarian Hydrocarbon Stockpiling Association's data effective late January.

To secure oil supplies, MOL is awaiting crude shipments from various global sources, expected to begin in early March. Slovakia, also affected by the pipeline disruption, has declared an oil emergency and intends to release over 1.8 million barrels, highlighting the regional tensions over energy security.