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Crude oil production fell 4% in the first eight months of 2023
Romania produced, in the first eight months of 2023, a quantity of crude oil of 1.87 million tons of oil equivalent (toe), 78,600 toe less (-4%) compared to the same period last year, according to data centralized by the National Institute of Statistics (INS).
Crude oil imports rose, in the January-August 2023 period, to 5.198 million toe, being 434,500 toe (-7.7%) below those recorded in the first eight months of 2022.
According to the latest Energy Balance Forecast, published by CNSP, crude oil production is expected in 2023 at 3.050 million tons of oil equivalent (minus 2.3% compared to 2022).
The National Strategy and Forecast Commission indicates that Romania’s crude oil production will be on a downward trajectory in the period 2023-2026, with an average annual rate of -2.2%, a consequence of the natural decline of deposits and the maintenance of existing production units.
Thus, in 2024 it will be 2.98 million toe (minus 2.3% compared to the previous year), in 2025 to 2.91 million toe (minus 2.3%) and in 2026 to 2.855 million toe (minus 2 %).
On the other hand, the import of crude oil will increase during the mentioned period with an average annual rate of 4.1%. For 2023, imports are estimated at 9.215 million toe (plus 5.1% compared to the previous year), for 2024 of 9.65 million toe (plus 4.7%), for 2025 of 10 million toe (plus 3.6%) and for 2026 of 10.3 million toe (plus 3%).