In the first nine months of 2023, Romania produced 2.103 million tons of oil equivalent (toe) of crude oil, 87,100 toe less (-4%) y-o-y, according to data published by the National Institute of Statistics (INS).
In the January-September 2023 period, crude oil imports rose to 5.705 million toe, being 763,300 toe (-11.8%) below those recorded in the first nine months of 2022.
According to the latest energy balance forecasts published by the National Economic Forecast Board (CNSP), Romania's 2023 crude oil production estimates are put at 3.050 million toe (down 2.3% from 2022).
CNSP indicates that Romania's crude oil production will enter a downward trajectory in 2023-2026, at an average annual rate of -2.2%, a consequence of the natural decline in deposits and the maintenance of existing production facilities.
Thus, in 2024 it should be 2.98 million toe (down 2.3% from the year before), in 2025 2.91 million toe (down 2.3%) and in 2026 2.855 million toe (down 2 %).
On the other hand, crude oil imports should increase during the same period by an average annual rate of 4.1%. For 2023, imports are estimated at 9.215 million toe (up 5.1% from the year before), for 2024 9.65 million toe (up 4.7%), for 2025 10 million toe (up 3.6%), and for 2026 10.3 million toe (up 3%).