Romania has imported 5.8 million tons of crude oil equivalent (toe) in the first ten months of the year, 3.8% more compared to the same period of last year.

The local crude oil production amounted to 3.1 million toe and was 1% lower compared to the first ten months of 2014, according to data released by the National Statistics Institute (INS).

Last year, the imports totaled 6.7 million toe whereas the local production reached 3.7 million.

Romania’s crude oil reserves are limited, according to the country’s Energy Strategy for 2015-2035. The discoveries in the last 30 years were modest, except for recent signals in the shallow waters of the Black Sea, which are currently under assessment.

Despite a natural decline of oil production, Romania remains the fourth oil producing country in the European Union and the fifth in Europe. OMV Petrom controls most of Romania’s internal oil production.

editor@romania-insider.com