Romania’s crude oil imports have increased slightly in the first nine months of 2024, reaching 5.733 million tons of oil equivalent, marking a 0.5% rise compared to the same period in 2023, according to the latest data from the Romanian National Institute for Statistics (INS). In contrast, domestic crude oil production saw a decrease, falling by 3.8% or 79,300 tons, totaling 2.024 million tons of oil equivalent.
The National Strategy and Forecast Commission’s (CNSP) Energy Balance Forecast indicates that Romania’s crude oil production is expected to continue its decline at an average annual rate of 2.5% until 2027. This trend is attributed to the natural depletion of oil reserves and the ongoing maintenance of existing production units. By 2027, domestic production is projected to drop to 2.63 million tons of oil equivalent, a 1.9% decrease compared to 2026.
Meanwhile, crude oil imports are expected to rise steadily, reaching 7.8 million tons of oil equivalent by 2027, up from 7.35 million tons in 2023, with an annual growth rate of 1.5%. Notably, imports will see significant increases in the coming years: a 13.7% drop is forecast for 2024, but a 10.4% jump is anticipated in 2025, followed by 7.4% and 7.8% growth in 2026 and 2027, respectively.
Romania’s crude oil refining capacity is greater than its domestic demand for petroleum products, but domestic refineries still rely on imported oil to meet production needs. In 2023, Romanian refineries processed 10.2 million tons of crude oil, of which 7.4 million tons were imported and 2.8 million tons were sourced from domestic production.
