 |
Oil exports grew at rapid rates this year, according to foreign trade data reported by Albanian Institute of Statistics. For the 11 months of 2018 the export of fuels - mainly represented by oil produced in Albania - increased by 80 percent. The value of exports in January-November reached to lek 39 billion out of lek 21.7 billion in the same period of the previous year. Market sources claimed that there are two reasons related to this growth.
First, the oil price in international markets this year has been higher, causing companies that export oil abroad to receive higher values. According to data from the international market, the average oil price in international markets in 2018 was $ 71.4 a barrel, while in 2017 a barrel of oil was sold at about $ 54.1.A barrel of oil in international markets costed 32% more than last year, thus becoming a key factor for increasing the value of exported oil. Oil exports also grew due to the involvement in the production of the oil refinery ARMO, which last year worked with disconnected periods. Oil exports were recently boosted by the highest demand in Kosovo's markets. As a result of the increase of 100% customs tariffs with Serbia, a part of the oil that was previously imported by Serbian markets has started to be imported from Albania.
Export of oil and its by-products to Kosovo increased by 29% this year. This is the second group, with the largest export value in Kosovo and is dominated mainly by oil sales. Experts of the economy and business in Kosovo claimed that Albania could become Serbia's substitute in Kosovo's markets for iron and petroleum.
Berat Rukiqi from the Kosovo Chamber of Commerce said that Albania could easily replace some petroleum and iron by-products that were previously imported from Serbia.