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October 25, 2021

Annual crude oil production at almost 4 million toe and imports at almost 7 million toe

In the first eight months of this year Romania imported 4.598 million tons of oil equivalent (toe) of crude oil, up by 294,300 toe (6.8 per cent) year-on-year, the National Statistics Institute (INS) data shows.
Crude oil production totalled 2.522 million toe, down by 0.6 per cent (15,000 toe) year-on-year.
Last year crude oil imports totalled 6.727 million toe (up by 27 per cent year-on-year). In 2014, oil production totalled 3.788 million toe, down by 2 per cent year-on-year.
According to Romania’s Energy Strategy 2015-2035, a document published on the Energy Ministry’s website, Romania’s oil reserves are limited, considering that the discoveries made in the last 30 years can be considered modest, with the exception of recent signals from the shallow waters of the Black Sea, the production potential of these discoveries being currently analyzed.
Although facing a natural decline in production, Romania continues to remain the fourth-biggest oil producer in the European Union, and the fifth-largest in Europe. Related to European production, the national production of crude oil represents approximately 2 per cent of European production and approximately 6 per cent of EU production.
According to the British Petroleum statistics published in June, Romania’s proven oil reserves total 600 million barrels, compared to 1 billion barrels at the end of 1994.

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