energy

Serbia’s €2bn Energy Deficit Persists Despite Recovery in NIS Refinery Output

Serbia’s energy balance deteriorated sharply in the first half of 2026 even as domestic refinery activity began to recover, with higher import prices driving a significant increase in the country’s energy bill. The energy deficit reached approximately €2 billion in the first half of 2026. The increase was driven largely by more expensive imported energy rather than a broad increase in import volumes. Average crude-oil import prices were 29.5% higher year on year. Crude import quantities were lower, partly because…