Romania imports 7.17 million toe of crude oil in Jan-Oct 2019

Romania imported 7.17 millions toe of crude oil in the first ten months of 2019, by 167,700 toe (2.4 per cent) more than the quantity imported in the same period of 2018, according to data centralized by the National Institute of Statistics (INS). 

The total crude oil production totalled 2.778 million toe, by 1.2 per cent (33,500 toe) less than in the previous year. 

According to the Energy Strategy draft published on the Website of the Ministry of Energy, the crude oil production in Romania is currently facing a downward trend, with a sub-unitary reserve replacement ratio, due to the high degree of depletion of the deposits. Increasing the rate of recovery is possible, but with high investments that require certain packages of economic and tax measures. 

The draft mentions that the proven crude oil reserves of Romania will run out in some 16 years, considering a consumption of 3.4 million tonnes per year.