Imports of crude oil to increase by 1.2 pc in 2016, production by 1.3 pc

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Romania’s oil imports will increase next year by 1.2% to 6.88 million tonnes of oil equivalent, while production will increase by 1.3% to 3.85 million toe, according to the forecast released by the National Prognosis Commission (CNP).
In 2017 oil imports will increase by 1.3% to 6.97 million toe and in 2018 by 1.4% to 7.07 million toe. For 2015, the imports are estimated to reach 6.8 million toe (up by 1.1% as compared to 2014).
The oil production will increase in 2017 by 2.6% to 3.95 million toe, and by 1.3% in 2018 to 4 million toe. The estimated production for this year is of 3.8 million toe (up by 0.3%).
Last year, oil imports totalled 6.727 million tonnes of oil equivalent (up by 27% as compared to 2013). Oil production reached in 2014 some 3.788 million toe, being by 2% lower than the previous year.
According to the draft Energy Strategy for Romania 2015 – 2035, Romania’s oil reserves are limited, while the discoveries during the past 30 years can be categorized as modest, except for some recent signals coming from the shallow waters of the Black Sea.
Although it is facing a natural decline of oil production, Romania continues to be the fourth oil producing country in the European Union, namely the fifth country in Europe. Against the European production, national oil production represents approximately 2% of Europe’s and 6% in the EU’s.
According to statistics released last month by British Petroleum, Romania’s confirmed oil reserves amount to 600 million barrels, compared to one billion barrels at the end of 1994.

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