Montenegro

Montenegro faces moderate but significant energy security challenges, importing 100% of its oil, which has driven gasoline prices to $1.58/L with reserves at 55 days. The nation's tourism-dependent economy is under considerable pressure from reduced travel and higher operational costs. While not directly exposed to the Strait of Hormuz disruptions, the global supply deficit and elevated Brent crude prices pose a severe threat to economic recovery and stability. The outlook suggests continued economic headwinds, with fuel costs and a 42% increase in fertilizer prices contributing to inflationary pressures.