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Romania's crude oil production decreases by 3.9%, imports increase by 10.3% in first 5 months
Romania produced, in the first five months of 2023, a crude oil quantity of 1.177 million tonnes of oil equivalent (toe), by 47,300 toe less (-3.9%) than in the same period last year, according to data centralized by the National Institute of Statistics (INS).
Crude oil imports rose, in the January-May 2023 period, to 3.464 million tep, being 324,200 tep (10.3%) above those recorded in the first five months of 2022.
According to the latest Forecast of the energy balance, the crude oil production is expected in 2023 at 3.050 million toe (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 in 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 crude oil import 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%).