North Macedonia

North Macedonia is highly vulnerable to global oil market disruptions, importing 98% of its oil, with current gasoline prices at $1.58/L. The country's 52 days of oil reserves offer a short-term cushion, but the high import dependency and existing energy poverty are significant concerns. The elevated Brent crude prices and global supply deficit are directly impacting the economy, particularly for transportation and industrial sectors. Without domestic oil production or significant alternative fuel sources for transport, North Macedonia is expected to face continued economic pressure and high fuel costs in the coming weeks.