Steven N.Hungary will make some of its strategic oil reserves available for domestic use following the shutdown of the oil refinery in Schwechat, Austria, according to a statement issued by the Ministry of Technology and Industry on Saturday.
The country is dipping into its oil reserves to ensure the supply of fuel due to a longer-than-planned shutdown at the Schwechat oil refinery. Austrian energy company OMV will resupply the reserves now being released as soon as it is able to do so.
A week ago, Austria decided to release some of its own fuel reserves in the wake of an accident at OMV’s Schwechat refinery to maintain the steady supply of fuel and carry out maintenance work. [Népszava]
This will be the first real-world stress test of Hungarian energy policies. If Russians sources dont increase supply immediately, a Hungarian shortage will ensue. Alternatively, Brent purchases have to be made, which will further raise prices. What might energy minister Sijjártó have to say about this sudden, but highly predictable, situation?