BUCHAREST, July 22 -- In the first five months of 2024, Romania produced over 1.132 million tonnes of oil equivalent (TOE) of crude oil, a 3.8 percent decrease compared to the same period last year, according to the newest data from the National Institute of Statistics (INS).

Oil imports during this period totaled 2.568 million TOE, a significant drop of 25.9 percent from January-May 2023.

In addition, the National Commission for Strategy and Forecasting (CNSP) forecasts a continued decline in oil production, with an average annual decrease of 2.5 percent through 2027, more than its previous forecasts announced in April, which expected an average annual rate of -2.2 percent through 2026.

The newest CNSP forecasts of the country's oil production figures are 2.82 million TOE in 2024 (down 3.1 percent from 2023), 2.74 million TOE in 2025 (down 2.8 percent), 2.68 million TOE in 2026 (down 2.2 percent), and 2.63 million TOE in 2027 (down 1.9 percent).

The CNSP attributes this decline to the natural depletion of oil fields and the maintenance of existing production units. Meanwhile, oil imports are projected to increase from 7.35 million TOE in 2023 to 7.8 million TOE in 2027, with an average annual growth rate of 1.5 percent.

Romania is one of the top European crude oil producers. In 2022, Eurostat ranked the country the third-largest oil producer in the European Union, only following Italy and Denmark. However, a considerable part of local consumption is covered by imports.

The refining sector in Romania consists of four operational refineries: Petrobrazi, Petromidia, Vega and Petrotel with a total operational capacity of approximately 12 million tonnes per year, as reported by Romania's national news agency Agerpres.

In 2023, Romanian refineries processed 10.2 million tonnes of crude oil and additives, with 2.8 million tonnes from domestic production and 7.4 million tonnes from imports.

  - Xinhua