In the first five months of 2024, Romania produced over 1.132 million tonnes of oil equivalent (toe), down 44,200 toe (-3.8%) y-o-y, according to data with the National Institute of Statistics (INS).Imports of crude oil totalled 2.568 million toe, down 896,400 toe from January-May 2023 (-25.9%).According to the latest Energy Balance Forecast, published by the National Commission for Economic Strategy and Forecast (CNSP), crude oil production is expected to decrease by 2027 at an average annual pace of 2.5%.Thus, in 2024, 2.82 million toe (minus 3.1% as against 2023) will be extracted, in 2025 2.74 million toe (minus 2.8%), in 20 26 2.68 million toe (minus 2.2%) and in 2027 2.63 million toe (minus 1.9%).According to the CNSP, the decrease will be the consequence of the natural decline of the deposits and the maintenance of the existing production facilities.Crude oil imports will increase from 7.35 million toe in 2023 to 7.8 million toe in 2027, at an average annual pace of 1.5%. After a decrease of 13.7% expected for 2024, to 6.34 million toe, imports will increase by 10.4% in 2025, to 7 million toe, by 7.4% in 2026, to 7.52 million toe, and by 7.8% in 2027.According to the draft Energy Strategy of Romania 2025-2035, Romania can process more crude oil than domestic demand for petroleum products. However, the Romanian refineries acquire the national production of crude oil and import about two-thirds of the demand. In 2023, refineries in Romania processed 10.2 million tons of crude oil and additives, including 2.8 million tonnes of domestic production and 7.4 million tonnes of imports.
Romania has signed a major contract with France for the acquisition of Mistral portable short-range air defense missile systems. The agreement was concluded on Tuesday, November 25, between Romania’s Ministry of National Defense and France’s Ministry of the Armed Forces and Veterans, through their respective General Directorates for Armaments. The acquisition is valued at EUR […]
The European Parliament called on November 26 for EU-wide rules to strengthen the protection of minors online, recommending a minimum age of sixteen for accessing social networks, video-sharing platforms, and AI chatbots, according to a statement from the institution,
The government of Romania will be empowered to establish, ex officio or upon request, by Government Decision, an extended surveillance regime over local companies strongly affected by economic sanctions imposed by other states, according to the legislative project prepared by the government, given that the situation of the assets held by the Russian giant Lukoil […]
The European Commission (EC) will reportedly give Romania four more months to appoint permanent management under competitive procedures at 48 state-owned enterprises (SOEs) in the energy sector, after the Romanian government agreed to double the fine paid by the country and the penalties charged to those responsible (ministers) if the milestone set under the Resilience […]
The Romanian banks boasted in 2025 virtually the same record aggregated net profit as in 2024, namely RON 11.6 billion (EUR 2.3 billion, -0.6% y/y) in January-September and RON 6.2 billion (EUR 828 million, -0.3% y/y) in Q3 alone, according to data published by the National Bank of Romania. The non-performing loan (NPL) ratio has […]
The Romanian Parliament approved the National Defense Strategy on Wednesday, November 26, with 314 votes in favor, 43 against, and three abstentions, following a joint session attended by president Nicușor Dan. The document will guide national security policy for the 2025-2030 period. During the parliamentary debate, Ana Maria Gavrilă, leader of the opposition party POT, […]
