Slovakia has the largest emergency oil reserves among the V4 (Visegrad Four) countries (the Czech Republic, Hungary, Poland, Slovakia) in relation to imports, the Institute for Strategy and Analysis (ISA) stated in its latest economic review.
Slovakia ranked eighth in the EU with the volume of emergency stocks equivalent to 97 days of average daily imports, surpassing the neighbouring countries.
Under EU legislation, member states must maintain emergency stocks of oil at a level of at least 90 days of average daily net imports or 61 days of daily consumption, whichever is higher. The aim is to reduce the risk of destabilising the European market, which is dependent on oil imports.
Following Russia's invasion of Ukraine in February 2022, the volume of emergency oil stocks in 18 member states fell, with ten EU countries posting a drop below the target level. All countries neighbouring Slovakia saw a decrease, most notably Hungary (from 102 to 75 days) and Austria (from 94 to 67 days).
Two years after a historic decline, the situation has stabilised across the EU. All neighbouring countries have met the required level of stocks in the second quarter of 2024.
Source: TASR
