Montenegro will begin forming its strategic oil reserves as early as next year, a key step in ensuring energy security and price stability, according to Zorana Sekulić, Acting Director General of the Directorate for Oil and Gas at the Ministry of Mining, Energy and Gas.
In an interview with CdM, Sekulić explained that despite the unique challenges of the Montenegrin oil market—such as the absence of domestic production, heavy reliance on imports, and a market dominated by an oligopoly—Montenegro has managed to establish a regulatory framework for managing oil reserves. This framework involves both the state and importers, while avoiding potential business barriers.
One of the challenges, Sekulić noted, is the financial burden of building and maintaining these reserves, particularly given the volatile nature of commodity markets. However, she emphasized that energy security is an invaluable asset, especially in times of need.
“The vast quantity of reserves represents ‘frozen’ capital, which, as the demand for fossil fuels decreases, could potentially be redirected to alternative investments,” said Sekulić. “In the meantime, a balance between energy security and reducing the financial burden of maintaining these reserves can be achieved by optimizing procurement, such as purchasing larger quantities during periods of lower prices.”
She also pointed out the importance of diversifying energy sources by investing in renewable energy and alternative fuels, which would reduce dependence on oil and subsequently lower the need for large reserves.
Sekulić made these comments at the 16th Energy Community Oil Forum in Belgrade, where she highlighted the ongoing efforts of Montenegro to adopt primary legislation on the security of supply of oil products by the end of this year. She also confirmed the country’s intention to start building its oil reserves in 2025.
The forum, attended by nearly 100 participants, brought together government officials, industry leaders, and international organizations. It underscored the crucial role of oil in energy security while stressing the urgent need to transition toward more sustainable energy systems in line with global decarbonization efforts.
The central focus of the forum was the urgent need for alignment with the EU’s Directive on Minimum Oil Stocks (Directive 2009/119/EC), which mandates member states to maintain a minimum level of oil reserves to prevent supply disruptions in emergencies.
The Energy Community Secretariat emphasized the need to maintain strategic oil reserves to avoid supply interruptions and urged participants to integrate cleaner technologies and improve energy efficiency across the entire oil supply chain. This approach, together with full compliance with the oil stock directive, is vital for ensuring long-term energy security while contributing to global climate goals.
Arthur Lorkowski, Director of the Energy Community Secretariat, highlighted the urgency of this transformation:
“Reducing emissions and environmental impact across the sector is essential for the sustainability of the industry in a low-carbon world. This is not just about compliance—it’s about the long-term security of the sector,” Lorkowski stated.
