Romania produced, in the first eight months of 2023, a quantity of crude oil of 1.87 million tons of oil equivalent (toe), 78,600 toe less (-4%) compared to the same period last year, according to data centralized by the National Institute of Statistics (INS). Crude oil imports rose, in the January-August 2023 period, to 5.198 million toe, being 434,500 toe (-7.7%) below those recorded in the first eight months of 2022. According to the latest Energy Balance Forecast, published by CNSP, crude oil production is expected in 2023 at 3.050 million tons of oil equivalent (minus 2.3% compared to 2022). The National Strategy and Forecast Commission indicates that Romania’s crude oil production will be on a downward trajectory in the period 2023-2026, with an average annual rate of -2.2%, a consequence of the natural decline of deposits and the maintenance of existing production units. Thus, in 2024 it will be 2.98 million toe (minus 2.3% compared to the previous year), in 2025 to 2.91 million toe (minus 2.3%) and in 2026 to 2.855 million toe (minus 2 %). On the other hand, the import of crude oil will increase during the mentioned period with an average annual rate of 4.1%. For 2023, imports are estimated at 9.215 million toe (plus 5.1% compared to the previous year), for 2024 of 9.65 million toe (plus 4.7%), for 2025 of 10 million toe (plus 3.6%) and for 2026 of 10.3 million toe (plus 3%).
The Atlantic Council will honor Romanian president Klaus Iohannis with the Distinguished International Leadership Award for his remarkable career, exemplary leadership of Romania, and his transatlantic and European leadership role. The Atlantic Council’s Distinguished Leadership Awards are often referred to by media as “the Washington Oscars.” Among the honorees are a European head of state, […]
The colorful rapeseed fields in the southern part of Romania have been photographed by NASA from a satellite and featured in an accompanying article titled “Golden Fields in Romania.” The spectacular images were taken last month above the area where the Olt River intersects with the Danube. According to the article, NASA personnel were impressed […]
UiPath, an AI-based company founded by Romanian entrepreneurs and listed on the New York Stock Exchange in 2021, has recruited Raghu Malpani as Chief Technology Officer. Malpani, who was Corporate Vice President at Microsoft for the Microsoft 365 Application and Data Platform will report to the Director of Innovation and the Executive President of UiPath, […]
Production and new orders rise after nine straight months of decline Business confidence picks up, while hiring is back on the agenda Cost inflation eases and selling prices rise only fractionally An improvement in the health of the Romanian manufacturing sector was signalled for the first time in the survey's history, according to the latest […]
Raiffeisen Bank Romania continues its growth strategy in personal financial planning, up 50% in the first quarter of the year in the segment of investment plans, voluntary pensions and life insurance with a savings component. At the same time, it continued to support SMEs and accelerated investments to launch new functionalities in the mobile banking […]
Road crews have begun snow removal on Romania’s spectacular mountain road known as Transfăgărășan. Since there is less snow than in other years, the road could be opened much earlier than the usual date of July 1, according to authorities. Transfăgărășan, Romania’s second-highest road after Transalpina, is being cleared of snow so it can be […]
