Ukraine plans to create oil reserve for domestic market

In 2023, Ukraine intends to design a legislative framework for the reform of the State Reserve, which implies forming a minimum reserve of oil and petroleum products for the domestic market.

Prime Minister Denys Shmyhal said this at a government meeting on Tuesday, an Ukrinform correspondent reports.

"In 2023, a legislative framework will be created to carry out the reform of the State Reserve. In particular, this is about forming minimum reserves of oil and petroleum products in order to ensure their continuous supply to the national market. The government will continue to invest in increasing its own gas production in order to ensure full energy independence in this regard," the Prime Minister noted.

He said that plans for decarbonization and "green" transformation remain relevant.

"The war made these challenges even more urgent. We will more actively utilize the potential of renewables: solar, wind, hydro generation, and hydrogen technology," Shmyhal added.

As reported, oil prices fell on Tuesday, January 3, amid concerns about a slowdown in the global economy and reduced demand for energy.