According to data from the Romanian National Institute for Statistics (INS), Romania’s crude oil imports in the first eleven months of 2024 totaled 7.418 million tons of oil equivalent, marking an increase of 721,600 tons or 10.8% compared to the same period last year. In contrast, crude oil production in Romania amounted to 2.456 million tons of oil equivalent, which is a 4.2% decrease (106,500 tons less) compared to the first eleven months of 2023.
The National Strategy and Forecast Commission (CNSP) recently published an Energy Balance Forecast, projecting that crude oil production in Romania will continue to decline at an average annual rate of 2.5% until 2027. In 2024, Romania is expected to produce 2.82 million tons of oil equivalent, a decrease of 3.1% compared to 2023. The forecast predicts further declines in production, with 2.74 million tons of oil equivalent in 2025 (-2.8%), 2.68 million tons in 2026 (-2.2%), and 2.63 million tons in 2027 (-1.9%). These reductions are attributed to the natural decline of oil deposits and the continued operation of existing production units.
Meanwhile, crude oil imports are expected to rise from 7.35 million tons of oil equivalent in 2023 to 7.8 million tons in 2027, with an average annual increase of 1.5%. Following a predicted 13.7% decline in imports in 2024 to 6.34 million tons, imports are expected to increase by 10.4% in 2025 (to 7 million tons), 7.4% in 2026 (to 7.52 million tons), and 7.8% in 2027.
According to Romania’s Energy Strategy for 2025-2035, with a view towards 2050, the country has a refining capacity greater than its domestic demand for petroleum products. However, Romanian refineries rely heavily on imports, purchasing about two-thirds of the crude oil needed, in addition to processing the national production. In 2023, Romanian refineries processed 10.2 million tons of crude oil and additives, of which 2.8 million tons were sourced from domestic production, while 7.4 million tons were imported.
