National Institute of Statistics (INS) reports also a substantial drop in imports for the first ten months of 2023

Romania produced 2.338 million tons of oil equivalent (toe) in the first ten months of 2023, marking a 4% decrease (98,000 toe) compared to the same period last year.

Oil imports during January-October 2023 stood at 6.352 million toe, showing a significant decrease of 874,900 toe compared to the first ten months of 2022, representing a decline of 12.1%, according to data compiled by the National Institute of Statistics (INS), reports Agerpres.

The latest Energy Balance Forecast from the National Commission for Strategy and Prognosis (CNSP) projected this year's oil production to reach 3.050 million tons, a 2.3% decrease compared to 2022. CNSP signals that Romania's oil production is expected to follow a downward trajectory from 2023 to 2026, with an average annual rate of -2.2%, influenced by the natural decline of reserves and the maintenance of existing production units. The forecast anticipates oil production to be 2.98 million toe in 2024 (-2.3% compared to the previous year), 2.91 million toe in 2025 (-2.3%), and 2.855 million toe in 2026 (-2%).

For 2023, the Energy Balance Forecast projects oil imports of 9.215 million toe (+5.1% compared to the previous year), 9.65 million toe in 2024 (+4.7%), 10 million toe in 2025 (+3.6%), and 10.3 million toe in 2026 (+3%).