Serbia’s NIS oil company, majority-owned by Russia’s Gazprom Neft, is facing challenges in securing oil from international traders due to pending US sanctions. These sanctions have already impacted its business, with former clients seeking alternative fuel suppliers. NIS, which provides around 80% of gasoline and diesel in Serbia, and 90% of jet fuel, has canceled long-term contracts and is now relying on short-term spot market purchases from willing international traders.
NIS has reduced its oil imports through Croatia’s Omišalj port to about 28,000 barrels per day this year, down from 40,000 barrels in 2024. Meanwhile, fuel suppliers OMV and Eko have stopped buying from NIS, sourcing their fuel from other European refineries. However, the new suppliers’ limited capacity could struggle to meet Serbia’s demand for diesel and gasoline.
Despite these challenges, NIS says it is still able to meet its contractual obligations and that its Pancevo refinery is operating normally.
