According to data from the Romanian National Institute for Statistics (INS), Romania’s crude oil imports for the first five months of 2024 totaled 2.568 million tons of oil equivalent. This represents a decrease of 896,400 tons of oil equivalent, or 25.9%, compared to the same period in 2023. Concurrently, domestic crude oil production amounted to 1.132 million tons of oil equivalent, a reduction of 3.8% or 44,200 tons of oil equivalent from the previous year.
The latest Energy Balance Forecast, published by the National Strategy and Forecast Commission (CNSP), predicts a continued decline in crude oil production through 2027, with an average annual decrease of 2.5%. Specifically, production is expected to be 2.82 million tons of oil equivalent in 2024 (a 3.1% decline from 2023), 2.74 million tons in 2025 (a 2.8% decline), 2.68 million tons in 2026 (a 2.2% decline), and 2.63 million tons in 2027 (a 1.9% decline). This decrease is attributed to the natural decline of oil deposits and the ongoing maintenance of existing production facilities.
Crude oil imports are projected to rise from 7.35 million tons of oil equivalent in 2023 to 7.8 million tons in 2027, reflecting an average annual growth rate of 1.5%. After a forecasted decline of 13.7% in 2024 to 6.34 million tons of oil equivalent, imports are expected to increase by 10.4% in 2025 to 7 million tons, by 7.4% in 2026 to 7.52 million tons, and by 7.8% in 2027.
The draft Energy Strategy of Romania 2025-2035, with a perspective towards 2050, highlights that Romania possesses a crude oil processing capacity exceeding domestic demand for petroleum products. Nevertheless, Romanian refineries process the entire national crude oil production and import about two-thirds of their requirements. In 2023, Romanian refineries processed 10.2 million tons of crude oil and additives, including 2.8 million tons from domestic production and 7.4 million tons imported.
