Romania produced, in the first four months of 2024, a quantity of crude oil of 903,900 tonnes of oil equivalent (toe), by 36,100 toe less (-3.8%) compared to that in the similar period of the previous year, according to data centralized by the National Institute of Statistics (INS).In the mentioned period, the imports of steel exceeded 2.18 million tep, being 552,400 tep below those recorded in January-April 2023 (-20.2%).According to the latest Energy Balance Forecast, published by the National Strategy and Forecast Commission (CNSP), Romania's crude oil production will be on a downward trajectory until 2026, with an average annual rate of -2.2%, a consequence of the decline natural deposits and maintenance of existing production units.On the other hand, for the crude oil import, CNSP estimates an increase in the mentioned period with an average annual rate of 4.1%.The refining sector in Romania consists of four operational refineries: Petrobrazi (owned by OMV Petrom), Petromidia and Vega (owned by Rompetrol) and Petrotel (owned by Lukoil) with a total operational capacity of approximately 12 million tonnes per year.According to the project of the Energy Strategy of Romania 2025-2035, with the perspective of 2050, Romania has a capacity to process crude oil greater than the domestic demand for petroleum products. However, Romanian refineries purchase the national production of crude oil and import about two thirds of what is needed. In 2023, Romanian refineries processed 10.2 million tonnes of crude oil and additives, of which 2.8 million tonnes were domestically produced and 7.4 million tonnes were imported.
The three far-right nationalist parties in Romania's Parliament filed a request, drafted by the Party of Young People (POT), to initiate the procedures for the suspension from the post of president Klaus Iohannis. Six MPs more than required (one-third of the total number of lawmakers) signed the document, namely all the 161 MPs of POT, […]
A recent electoral survey conducted by Sociopol for Romania TV reveals that nationalist and far-right candidates are poised to dominate Romania’s presidential election this May. The poll suggests that radical candidates, including leading figure Călin Georgescu, will advance to the second round regardless of whether Georgescu is permitted to run. The results spotlight Georgescu, a […]
Chimcomplex, the largest industrial entrepreneurial company, controlled by Ştefan Vuza, requests reconsideration of the decision to cancel the state aid contract from the Ministry of Economy, signed at the end of 2023, and continuation of the dialogue to find viable solutions. "By winning a grant worth RON 195 million (for a RON 490 million resin […]
An International Monetary Fund (IMF) delegation will visit Bucharest from February 3 to 7 to discuss with Romania’s new government and the National Bank, according to an IMF press release quoted by Ziarul Financiar. Led by Joong Shik Kang, the mission will review recent economic and financial developments...
The average yield accepted by the Romanian Treasury in the latest auction for three-year bonds rose to 7.7% on January 15 from 7.04% one month earlier. The yield for five-year bonds increased to 7.75% from 7.22%, while the yield for 10-year bonds neared 8%. Separately, the Treasury is selling RON-denominated bonds to households with yields […]
Romania’s final energy consumption increased by 1.8% y/y to 46.0 TWh in the first eleven months of 2024, according to data published by the statistics office INS. Households’ consumption rose by 3.2% y/y to 10.7 TWh, while the companies’ consumption advanced by 1.5% y/y to 36.0 TWh. Public administration used 4.7% y/y less electricity for […]
