Crude oil production declines 2.9pct two months into 2024

In the first two months of 2024, Romania produced 449,400 tonnes of oil equivalent (toe) of crude oil, down 13,400 toe (-2.9%) y-o-y, according to data with the National Institute of Statistics (INS).

Imports of crude oil amounted to 1.395 million toe during the same period, up 59,200 toe y-o-y.

According to the latest Energy Balance Forecast published by the National Board on Economic Strategy and Forecasts (CNSP), Romania's crude oil production will be on a downward trajectory until 2026, by an average annual rate of -2.2% as a result of the natural decline of deposits and the maintenance of existing production utilities.

Thus, in 2024, production should be 2.98 million toe (-2.3% y-oy), in 2025 2.91 million toe (-2.3%) and in 2026 2.855 million toe (-2%).

On the other hand, CNSP is expecting imports to increase in the same period by an average annual rate of 4.1%.

For 2024, imports of 9.65 million toe (+4.7%), for 2025 of 10 million toe (+3.6%), and for 2026 of 10.3 million toe (+3%) are estimated in the latest Energy Balance Forecast.

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