Romania restricts fuel exports to safeguard domestic supply

Chisinau — Romania’s Prime Minister Ilie Bolojan announced on Monday that his government has decided to restrict fuel exports to meet domestic demand amidst an ongoing energy crisis.

“Romania has taken measures to restrict exports so that domestic supply remains a priority for the domestic market. After ensuring domestic market security, exports of surplus supply will be permitted,” Bolojan told television station Digi 24.

Bolojan added that the Romanian government is also in discussions with the country’s largest fuel companies, which control the majority of the market. The government is also assessing the situation, analysing supply levels, and developing a strategy to contain price increases.

In March, energy prices surged amid escalating tensions in the Middle East. Shipping through the Strait of Hormuz nearly halted following United States and Israeli attacks on Iran beginning from 28 February, resulting in damage and civilian casualties.

Iran responded by attacking Israeli territory and United States military bases in the Middle East.

The Strait of Hormuz is a critical shipping route for oil and liquefied natural gas supplies from Persian Gulf countries to global markets, accounting for approximately 20 per cent of global trade in oil, petroleum products, and liquefied natural gas.