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.
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 […]
The average net wage in Romania increased by 13.1% y/y in November (+12.3% y/y in October) after a significant 2.3% m/m advance in the month (the steepest monthly advance since March), mainly driven by the manufacturing segment where the wages rose by 5.2% m/m to make up for the slower advance in the past. In […]
