Athens, 17 April 2024 (MIA) - The situation in the Middle East and its effects on oil prices was the main topic of Wednesday’s meeting of the Energy Community Regulatory Board, while the President of the Energy Regulatory Commission, Marko Bislimoski, told MIA in Athens that an “effect on the prices of oil derivatives” isn’t ruled out.

“The new geostrategic developments in the Middle East confirm that there is no predictability nor certainty when it comes to the prices of energy resources. We expected this to finally be a peaceful energy regulatory meeting, but one thing is certain, a ‘state of emergency’ is the new normal for all energy resources. An effect on the price of oil derivatives is expected after the developments with Iran and Israel. We also spoke about the situation of the countries that the Energy Community’s regulators come from. We are all import-dependent when it comes to oil, except for Serbia, which has a small volume of production. Besides everyday life, this resource is also closely related to business and the economy as an integral part of their functioning,” Bislimoski told MIA.

Bislimoski also noted that cautious steps will be taken to mitigate a potential price blow, in line with the decisions of OPEC and the directions of the larger oil-producing countries.

“At the same time, we are all facing cyberattacks on critical energy infrastructure. It is necessary that we strengthen this segment, because the consequences can ‘usurp’ the functioning of the electro-energy system,” the ERC President added.

At Wednesday’s meeting of the Regulatory Board the Energy Community will elect a new Board president, since Bislimoski’s second term ended in December. 

A new president was expected to be elected at the last meeting of the regulators in December, but no candidate received the necessary majority, leading to a six-month extension to Bislimoski’s term.

The ERC President was unanimously elected as President of the Energy Community’s Regulatory Board in December 2019, two years later, in November 2021, he received a second two-year term.

His two terms were during a period of several consecutive crises.

The Energy Community traditionally convenes in Athens. The other member states, in addition to North Macedonia, are Serbia, Kosovo, Montenegro, Bosnia and Herzegovina, Moldova, Georgia, Ukraine and Albania.