Romania produced, in the first five months of 2024, a quantity of crude oil of over 1.132 million tonnes of oil equivalent (toe), 44,200 toe less (-3.8%) compared to the same period of the previous year, according to data centralized by the National Institute of Statistics (INS).

Crude oil imports totaled, in the mentioned period, 2.568 million toe, being 896,400 toe below those recorded in January-May 2023 (-25.9%).

According to the latest Energy Balance Forecast, published by the National Strategy and Forecast Commission (CNSP), crude oil production would decrease until 2027 at an average annual rate of 2.5%.

Thus, in 2024, a quantity of crude oil will be extracted of 2.82 million toe (minus 3.1% compared to 2023), in 2025 of 2.74 million toe (minus 2.8%), in 2026 of 2, 68 million toe (minus 2.2%) and in 2027 to 2.63 million toe (minus 1.9%), according to Agerpres.

According to CNSP, this decrease will be the consequence of the natural decline of deposits and the maintenance of existing production units.

Crude oil imports will increase from 7.35 million toe in 2023 to 7.8 million toe in 2027, with an average annual rate of 1.5%. After a 13.7% decline forecast for 2024 to 6.34 million toe, imports will increase by 10.4% in 2025 to 7 million toe, by 7.4% in 2026 to 7.52 million toe and by 7.8% in 2027.

According to the project of the Energy Strategy of Romania 2025-2035, with the perspective of 2050, Romania has a crude oil processing capacity greater than the domestic demand for petroleum products. However, Romanian refineries purchase the national production of crude oil and import about two thirds of what is needed. In 2023, Romanian refineries processed 10.2 million tons of crude oil and additives, of which 2.8 million tons were domestic production and 7.4 million tons were imported.