The President of Serbia, Aleksandar Vučić, said that the country from oil reserves supply oil companies in the country. There are reserves of gasoline and diesel for about 90 days.
"We will not allow insane prices, we will protect our citizens," he pointed out Vucic.
Serbia will not have to, like the 32 member countries of the International Energy Agency, put its own oil reserves on the international market, but they will be used only for internal needs. The main reason is that Serbia is not a member of this agency, which includes the most developed countries in the world, such as America, Germany and Japan.
A candidate country for this organization must have 90 days of crude oil reserves that could be used to address disruptions in global oil supply, as well as a demand-reduction program to reduce national oil consumption by up to ten percent.
The biggest collective action ever
The United States has so far committed to providing 172 million barrels, in addition to other supplies from the agency's 31 member countries. That will be done by the end of March, along with a promised 107,5 million barrels of combined government and industrial stockpiles from Europe, Asia and Oceania, CNN reports.
"Our members will make available 400 million barrels of oil, in order to compensate the market for the quantities lost due to the closure of the Strait of Hormuz," said IEA Executive Director Fatih Birol.
This is the first collective action of its kind ever. There have only been five similar actions in the past, two of which were in 2022, when oil prices spiked due to the start of the war in Ukraine.
