Romania’s oil production drops in 2014, but still among top ten in Europe, Eurasia

Romania came 9th among oil producers in Europe and Eurasia, after a 2.1% drop in 2014 on the previous year, according to statistics by British Petroleum. The country produced some 85,000 oil barrels a day. First in the ranking came the Russian Federation, which produced 10.8 million oil barrels a day last year, followed by Norway, with 1.8 million barrels, Kazakhstan – 1.7million barrels, and UK – with 850,000 oil barrels produced a day. In Romania, the oil consumption went up 7.5% in 2014 on the year before, to some 187,000 barrels a day – or the equivalent of 0.2% of the worldwide consumption. Russia was not only the biggest oil producer, but the bigger oil consumer as well – 3.2 million barrels a day, about a third of its domestic production. According to the report, Romania’s proven oil reserves stay at some 600million oil barrels. End-1994, these stood at 1 billion barrels. Overall, Europe and Eurasia hold 9% of the world’s oil reserves, the biggest of which are in Russia – 103 billion barrels, Kazakhstan – 30 billion barrels, Azerbaijan – 7 billion barrels, and Norway – 6.5 billion barrels. The full report from British Petroleum is here. editor@romania-insider.com