Romania imported last year over 6.7 million tonnes of crude oil (toe) equivalent, up 30% over 2013.

The crude oil production reached 3.7 million toe in 2014, down 2% compared to last year, according to the National Institute of Statistics.

The crude oil reserves are limited, as the discoveries made in the last 30 years can be classified as poor, except for the recent findings in the shallow waters of the Black Sea, according to Romania’s Energy Strategy for 2015-2035, cited by local Economica.net. However, these findings are still under analysis.

The current reserves could run out in about 23 years, based on an average annual production of 4.2 million tonnes and a 5% annual decline in reserves, the strategy project writes.

editor@romania-insider.com