Crude oil production to decline at an average annual rate of 2.2% between  2023-2026

Romania's crude oil production will be on a downward trajectory between 2023 and 2026, with an average annual rate of -2.2%, as a consequence of the natural decline of fields and the maintenance of existing production units, estimates the National Commission for Strategy and Forecasting.

According to the latest Energy Balance Forecast, published by the CNSP, crude oil production is expected to be 3.050 million tons of oil equivalent in 2023 (minus 2.3% compared to 2022), 2.98 million toe in 2024 (minus 2.3%), 2.91 million toe in 2025 (minus 2.3%) and 2.855 million toe in 2026 (minus 2%).

On the other hand, the import of crude oil will grow at an average annual rate of 4.1% over the period. Imports are estimated at 9.215 million toe in 2023 (plus 5.1% on the previous year), 9.65 million toe in 2024 (plus 4.7%), 10 million toe in 2025 (plus 3.6%) and 10.3 million toe in 2026 (plus 3%).

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