Drought, wars, trade barriers – How much will this cost the Serbian and European economies?

The heat wave that hit Europe this year and the uncertainty surrounding the transport of energy through the Strait of Hormuz are burdening the energy system and economic activity in the European Union and the region of Southeast Europe, which is also reflected in the total gross domestic product. Crude oil prices are facing a second consecutive weekly increase of around six percent.

Vesna Bjelic, editor of the “Blic biznis” portal, pointed out that oil prices are currently at USD 94 per barrel, which represents an increase of 6.1% in the last two weeks, but she emphasized that analysts believe that this jump is not as big as they expected, given all the uncertainties in the world.

Gas, as she stated, is at around 65, which is an increase of 120% in the last five months, especially in the last three weeks. When it comes to diesel, it has exceeded the psychological limit of 230 dinars per liter.

She also pointed out that the price of electricity changes overnight, so for example, for Romania and Hungary, which are affected by the low water level of the Danube, it reached EUR 700 per megawatt-hour. She emphasized that the supply is still stable.

– What is important is that the supply is still stable. There is an appeal to save electricity, but there will be no restrictions. But when it comes to the price itself, now the stock markets, as they say, and what is currently happening, indicate that it will not be an easy autumn – says Bjelic.

Privredna komora Srbije

Narodna banka Srbije Beograd

Vesna Bjelić

crude oil prices

low Danube water level

oil prices

gas reserves

climate change