The Druzhba pipeline has resumed operations, leading Hungary to drop its objections to finalizing a €90 billion loan for Ukraine, according to reports. Czech media indicates that the approval process for the loan is now advancing. Confirmation came from Hungarian energy company MOL, which relayed a statement from Ukrainian operator JSC Ukrtransnafta stating that crude oil deliveries from Belarus via the pipeline restarted at noon today in Ukraine. MOL anticipates the initial shipments to reach Hungary and Slovakia by tomorrow at the latest.
In Brussels, the EU energy commissioner cautioned that the ongoing oil price crisis might persist for months or even years, regardless of peace developments. He highlighted potential shortages in jet fuel for the aviation industry within the next five to six weeks. ‘Jet fuel is currently under the greatest strain, and the International Energy Agency estimates a possible supply security problem in five or six weeks,’ said Dan Jørgensen during a briefing on emergency measures addressing the crisis stemming from the conflict involving Iran. The EU relies on imports for 30% to 40% of its jet fuel, with roughly half sourced from the Middle East.
Jørgensen noted that new monitoring tools have been created to track refining capacities and stockpiles across member states. However, he emphasized that avoiding a supply crisis largely depends on events in the Middle East. Even if a peace agreement between Iran and the United States is reached soon, the disruptions could continue for an extended period. ‘We face challenging months ahead, or possibly years, based on developments in the Middle East,’ he stated. He pointed to Qatar as an example, where rebuilding gas and transport infrastructure could take two years, preventing expected stabilization or decline in global LNG prices.
Meanwhile, Slovak Prime Minister Robert Fico held a press conference in Bratislava, monitoring developments on the Ukraine loan and the pipeline restart. He described the two issues as interconnected, noting Slovakia’s opt-out from the loan alongside the Czech Republic and Hungary. Fico suggested that the loan could proceed if the pipeline fully reopens. He credited pressure from Hungary and Slovakia for accelerating Ukraine’s repairs but expressed concerns about damaged trust, fearing potential future interruptions in deliveries.
Fico indicated Slovakia might support unblocking the funds today but would delay approval of additional EU sanctions against Russia until oil flows resume. He also criticized the incoming Hungarian government under Péter Magyar, signaling potential shifts in relations between Slovakia and Hungary. Fico, previously allied with outgoing Hungarian Prime Minister Viktor Orbán on energy matters, recounted a recent phone call where they disagreed over Slovak legislation related to the Beneš decrees, a historical issue.
Fico rejected Magyar’s claims that Orbán assisted his party in the 2023 Slovak elections by directing migrants to the border to fuel a fear-based campaign, calling it a falsehood and a smear. He alleged ties between Magyar and Slovak opposition groups aiming to challenge him in upcoming elections. Fico dismissed focus on the Beneš decrees as an inflated concern, similar to critical media coverage of his administration.
