Imports show steady growth

In the first nine months of 2023, Romania's crude oil production recorded a quantity of 2.103 million tonnes of oil equivalent (toe), down 4% compared to the same period last year. Imports of crude oil in January-September 2023 reached 5.705 million toe, down 11.8% compared to the first nine months of 2022.

According to the CNSP Energy Balance Forecast, crude oil production in 2023 is estimated at 3.050 million tonnes of oil equivalent, down 2.3% from 2022. The National Commission for Strategy and Forecasting reports a downward trend in crude oil production over the period 2023-2026, with an average annual rate of -2.2%, driven by the natural decline of fields and the maintenance of existing production units, shows National Institute of Statistics data.

Thus, in 2024, crude oil production is estimated at 2.98 million toe, in 2025 at 2.91 million toe, and in 2026 at 2.855 million toe.

On the other hand, crude oil imports will grow at an average annual rate of 4.1%. For 2023, imports of 9.215 million toe are expected, up 5.1% on the previous year. The forecast shows imports of 9.65 million toe in 2024, 10 million toe in 2025 and 10.3 million toe in 2026, reflecting a steady increase over this period.