Oil products output, 2025
12.14Mt
Oil products output in 2025 was 12.14 Mt a 1.0% increase compared to 2024.
Oil products output, Mt · p. 64
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Chapter 05
Oil & Refining
Record refinery output, falling domestic crude and import dependency at an all-time high: Romania’s oil sector entered 2026 with a fifth of its refining capacity frozen by sanctions on Lukoil.
- In this chapter
- Key facts56
- Global crude production57
- Global oil demand outlook58
- Crude & fuel prices59
- EU petroleum imports60
- Romanian crude supply61
- Oil consumption by sector62
- Oil products trade63
- Refining output & capacity64
- Production forecast vs actual65
- Lukoil sanctions timeline66
- Emergency Ordinance 66/202567
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Key facts
Oil & Refining 2025
Four numbers that summarise Romania’s oil and refining sector this year. Each one links to the page where the evidence sits.
Proven oil reserves
600mn bbl
Oil reserves in the country stand at 600mn barrels, enough for 32 years.
Domestic crude production, Mt · p. 61
Oil products import dependency
77%
Oil product import dependency in 2025 was 77%, the highest of Romanian history.
Import dependency rate, % · p. 61
Refining capacity lost to Lukoil sanctions
20%
Since November 2025, after sanctions on Lukoil, Romania has lost 20% of the refining capacity.
Petrotel 2.4 of 12.25 Mt/yr capacity · p. 66
Romanian Energy Market Annual Report56
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Global supply
The U.S. remains the world’s largest crude oil producer since 2018, extracting 13.58mb/d, overtaking Russia with only 9.87mb/d.
Top 40 crude oil producing countries · mb/d, 2025
Fig. 5.1- The U.S. broke its previous year’s global record with 13.58mb/d, compared to 13.2mb/d in 2024.
- Crude oil production in Saudi Arabia increased from 9.2mb/d in 2024 to 9.6 mb/d in 2025 due to OPEC+ unwinding voluntary production cuts.
- Russia’s crude oil production remained largely unchanged in 2025 as an effect of limited crude oil output growth due to the conflict with Ukraine.
- Global crude oil output sums to almost 83mb/d, sitting at historical highs because of high export demand.
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Global demand
Global oil demand is set for consistent growth in the medium and long term, supported by recent economic growth.
Oil product demand growth by region · kb/d, 2025
Fig. 5.2Long-term global oil demand scenario · mb/d, 2025–2050
Fig. 5.3- The global oil demand will continue to grow in the long term, thus with a slower increase rate after 2030.
- The only sector where demand for oil will face a moderate decline in the long term, is the electricity generation sector.
- Primary countries and regions supporting long-term oil demand growth are India, Other Asia, the Middle East, Africa and Latin America.
- Oil products demand declined in advanced economies, despite continuous re-evaluation of their industrial competitiveness and climate targets.
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Prices
The world faces a second energy crisis in less than five years, driving commodity prices close to the previous crisis.
Europe Brent spot price FOB · $/bbl, monthly, Jan 2019 – Jun 2026
Fig. 5.4EU consumer prices for road fuels and heating oil, incl. taxes · €/l, Jun–Jul 2026
Fig. 5.5Retail fuel prices in Romania, incl. taxes · RON/l, 2019 – Aug 2026
Fig. 5.6- 2025 and 2026 was a low volatility period for Brent spot prices, stabilizing after the Russian invasion to Ukraine crises.
- In March of 2026 Brent spot prices increased by 45% compared to the previous month due to the start of the Middle East conflict.
- The Middle East conflict had an immediate effect on retail fuel prices globally, with prices remaining high to this day.
- In Romania the increase of retail fuel prices in 2026 on average was 18% compared to 2025, with the highest increase in diesel with 21%.
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EU imports
With the ban of petroleum product made from Russian crude oil, the dependency on the country is overtaken by U.S. imports.
Annual EU petroleum oil imports · Mt and € bn, 2021–2025
Fig. 5.7Petroleum product imports into the EU27 by partner · share of top-6 partners, quarterly, 2021–2025
Fig. 5.8EU27 petroleum imports by partner, value share · %, 2025
Fig. 5.9- Energy product import to EU27 during 2025 decreased by 6.1% in mass and 17.8% in value compared to 2024.
- The reliance on energy goods shifted to liquefied natural gas, with a 24.4% increase to EU27 compared to the previous year.
- Largest partners for EU imports of petroleum oils both in quantity and traded value in 2025 were the United States, Norway, and Kazakhstan.
- In 2025 the EU imported 432.8 mil. tonnes of petroleum products an 8% decrease compared to 2024, with a 14% higher import cost.
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Crude supply
Romanian crude oil imports are rising due to production declining annually since 2016 and reaching historical low of 2.7Mt.
Romanian crude oil production, imports and exports · kt per year, 2000–2025 (2025 provisional)
Fig. 5.10Oil and petroleum products import dependency rate · %, 2015–2024
Fig. 5.11- In 2025 crude oil imports reached 9.47Mt a historical high since 2019 highlighting the dependency on imports.
- The domestic refining is less reliant with each passing year on domestically sourced crude oil.
- In 2025 domestically sourced crude oil covered less than 25% of the feedstock demanded by Romanian refineries.
- In January and February of 2026, the imported crude oil resources comprised 76.79% of the total crude oil mix in Romania.
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Demand
In Romania diesel usage increased from 268.3 to 286.4 thousand TJ between 2022 and 2024 a 6.8% increase, gasoline usage increased 8.4%.
Oil products final consumption by sector · share of TJ, 2024
Fig. 5.12Final oil consumption by product · share of TJ, 2024
Fig. 5.13- The transport sector in Romania is the main source of oil products usage, accounting for a dominant 76% share of total demand.
- Gas/diesel oil and motor gasoline products hold 72% and 16% respectively of the total oil products consumed in the country.
- In 2024 the industry sector in Romania consumes less than 12% of the total oil products usage, marking a decarbonization pathway.
- Romania is consistently relying on imported crude oil and petroleum supplies, in 2024 were ~13 Mt, with final consumption reaching 9.5 Mt.
Romanian Energy Market Annual Report62
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Products trade
Romania remains a net exporter of refined products successfully recovering from 2023 with negative balance −7.8 kt.
Romanian oil products trade · kt, 2015–2025 · imports shown below zero
Fig. 5.14Romanian oil products imports by product · kt, 2024
Fig. 5.15- Oil product exports from Romania in 2025 was 4,852 kt, yielding a positive net trade balance of 1,208 kt.
- 2025 represents the strongest net position since the 2023 negative balance and the 2019 2,787kt balance.
- Romania’s main oil product imports primarily consist of diesel, mainly used for the transportation sector in the country.
- In second place for oil product imports to Romania is Bitumen, used in road construction and industrial coatings.
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Refining
2025 was a record year for Romanian refining output, achieved with Petrotel largely offline and Petromidia operating at near-maximum capacity utilization.
Romanian refinery intake and oil product output · kt, 2015–2025
Fig. 5.16Crude processed by refinery · % share, 2025
Fig. 5.17Romanian refineries capacity · Mt/year, Aug 2026
Fig. 5.18- Petromidia entered its 4-yearly general overhaul in March 2026, the same month with only one refinery in active operation in Romania.
- During 2025 Petromidia operated at a 98.1% utilization rate yielding a record 87.1% of high-value “white products”.
- The oil refining sector in Romania seems to be unchanged with 3 main refineries and 12.25 Mt/yr, although in March 2026 only Petrobrazi refinery was running.
- Romania’s refineries operate at 93–97% utilization when available bringing them above the European standards, but in 2026 availability is the main concern.
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Outlook
Romania’s actual oil production was 2.472 Mtoe in 2025, a 7.6% decline compared to the previous year with 2.675 Mtoe in actual oil production.
Crude oil production and imports, actual and forecast · Mtoe, 2024–2027
Fig. 5.19- Romania’s National Strategy and Forecast Commission forecasts for 2024 and 2025 overestimated realized output levels.
- During 2024 and 2025 forecast was 5.14% and 9.78% respectively higher than the actual production.
- With forecasted and actual oil production declining the balance comes from growing oil imports.
- In the next two years it is expected for the imports to increase by 11.4% and forecasted production to decline by 4% relative to 2025.
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Lukoil sanctions
US sanctions on Lukoil removed a fifth of Romania’s refining capacity overnight, and fifteen months on the asset is still neither restarted nor sold.
Lukoil sanctions and Petrotel refinery · Oct 2025 – Jul 2026
Fig. 5.20UK sanctions Lukoil and Rosneft, targeting the shadow fleet
Vantage Drilling exits Lukoil’s Black Sea Trident block drilling contract, citing sanctions
US Treasury/OFAC designates Lukoil and Rosneft plus 33 Russia-based subsidiaries under EO 14024
Lukoil accepts Gunvor Group’s offer for Lukoil International GmbH; later blocked by OFAC
OFAC wind-down deadline extended from 21 November to 13 December 2025
Romania drops nationalisation, citing ~€200 mn liquidity gap and opts for state-supervised divestment
Energy Minister Bogdan Ivan: 3 companies negotiating directly with Lukoil for the Romanian assets; refinery already shut for maintenance
Romania adopts an emergency ordinance placing Lukoil’s Romanian entities under special supervision
Lukoil signs a non-exclusive agreement with Carlyle Group for the sale of Lukoil International (Kazakhstan excluded), conditional on OFAC
Petrobrazi in turnaround, Petrotel idle: single operational refinery status
Ivan: refinery could restart within weeks pending US approval; formal request filed with OFAC
OFAC amends GL 128C (retail stations outside Russia) and GL 130A (Bulgaria entities), both extended to 29 October 2026
Romania receives US authorisation to restart Petrotel. Ivan: operational in ~45 days, ‘not a single gram of Russian oil’
Technical maintenance further suspends activity
Ivan confirms the official US letter; ~45 days of preliminary procedures
Refinery still not restarted; operating only intermittently. Sale in ‘analysis phase’; no offer approved by CSAT or CEFDSI
OFAC GL 131G extends the Lukoil International sale deadline to 25 July 2026
Romanian Energy Market Annual Report66
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State supervision
Government Emergency Ordinance No. 66, adopted on December 2, 2025, supplements GEO No. 202/2008 on international sanctions.
Sanctions supervision and Romanian market impact · Lukoil Romania
Fig. 5.2120–25%Petroleum market share
18%Strategic fuel reserves
321Gas stations & depots
2.4Mt p.a.Refining capacity
Emergency Ordinance provisions · GEO 66/2025
Fig. 5.22| Provision | Detail |
|---|---|
| Adoption date | December 2nd 2025 |
| Primary action | Empower the Government to institute ‘extended supervision’ over sanction-affected entities |
| Covered entities | Petrotel Lukoil SA (refinery); Lukoil Romania SRL (stations); Lukoil Lubricants East Europe SRL; Lukoil Overseas Atash BV Amsterdam |
| Supervisor | Ion-Bogdan Bugheanu (Adviser to the Energy Minister) |
| Key powers | Approve all external transactions & payments; identify prohibited counterparties; monitor sanctions violations; full access to documentation and facilities; monthly reports to Government; revocable by Government Decision |
| Key limits | No nationalisation or privatisation mechanism; only focus on unauthorised asset transfer |
Market impact and infrastructure · Lukoil Romania
Fig. 5.23| Area | Detail |
|---|---|
| Market share | 20–25% of Romanian petroleum products market |
| Workforce footprint | Refinery capacity of 2.4 Mt p.a. (~20% national refining capacity), supporting ~5,000 employees |
| Normal output | 1.1Mt diesel and 0.6Mt gasoline output p.a.; additional aviation jet fuel |
| Retail continuity | 320+ stations remain fully operational, supplied via Black Sea terminal imports and regional market |
| Ministerial claim | Ivan (Apr 2026): A restart would let Romania produce all its gasoline, over 60% of its diesel and all its aviation fuel domestically, unrealised political statement |
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